ST. LOUIS, April 14, 2015 /PRNewswire/ -- Isle of Capri
Casinos, Inc. (Nasdaq: ISLE) (the "Company") announced today the
results of its previously announced cash tender offer (the "Tender
Offer") for any and all of its outstanding 7.75% Senior Notes due
2019 (the "2019 Notes"), which expired at 5:00 p.m., New York
City time, on April 13,
2015, (the "Expiration Time"). As of the Expiration
Time, a total of $237,832,000
principal amount of 2019 Notes had been validly tendered in the
Tender Offer, which excludes $455,000
aggregate principal amount of 2019 Notes that remain subject to
guaranteed delivery procedures. The Company has accepted for
purchase all of the 2019 Notes that were tendered and intends to
pay the tender offer purchase price and settle the Tender Offer on
April 14, 2015 (the "Settlement
Date").
In accordance with the terms of the Tender Offer, the Company
will make a cash payment to all holders who validly tendered their
2019 Notes in the Tender Offer of $1,043.00 per $1,000 principal amount of 2019 Notes tendered,
plus accrued interest thereon to, but not including, the settlement
date for a total cash payment of approximately $250 million. With respect to 2019 Notes
accepted for purchase that were tendered and subsequently delivered
in accordance with the guaranteed delivery procedures, such
tendering holders will receive payment of the tender offer
consideration for such accepted 2019 Notes on April 16, 2015, plus accrued interest thereon to,
but not including the Settlement Date. The Company will fund
the payment for tendered and accepted notes with the net proceeds
from its previously announced issuance and sale of $150 million aggregate principal amount of its
5.875% Senior Notes due 2021, as well as additional borrowings
under its senior secured credit facility and cash on hand.
The Company further announced today that it will redeem all of
its 2019 Notes that remain outstanding following the settlement of
the Tender Offer. U.S. Bank National Association, as trustee
under the indenture governing the 2019 Notes, will send a notice of
redemption on behalf of the Company to all holders of the 2019
Notes. The redemption is scheduled to occur on May 14, 2015 (the "Redemption Date"). In
accordance with the terms of the indenture governing the 2019
Notes, the 2019 Notes will be redeemed at a redemption price of
103.875% of the principal amount thereof, plus accrued and unpaid
interest, to, but not including, the Redemption Date.
About Isle of Capri Casinos, Inc.
Isle of Capri Casinos, Inc. is a leading regional gaming and
entertainment company dedicated to providing guests with
exceptional experience at each of the casino properties that it
owns and operates, primarily under the Isle and Lady Luck
brands. The Company currently owns and operates 15 gaming and
entertainment facilities in Mississippi, Louisiana, Iowa, Missouri, Colorado, Pennsylvania and Florida. More information is available at the
Company's website, www.islecorp.com.
Forward-Looking Statements
This press release may be deemed to contain forward-looking
statements, which are subject to change. These forward-looking
statements may be significantly impacted, either positively or
negatively, by various factors, including, without limitation,
licensing and other regulatory approvals, financing sources,
development and construction activities, costs and delays, weather,
permits, competition and business conditions in the gaming
industry. The forward-looking statements are subject to numerous
risks and uncertainties that could cause actual results to differ
materially from those expressed in or implied by the statements
herein.
Additional information concerning potential factors that could
affect the Company's financial condition, results of operations and
expansion projects is included in the filings of the Company with
the Securities and Exchange Commission, including, but not limited
to, its Form 10-K for the most recently ended fiscal year.
Contacts
For Isle of Capri Casinos, Inc.,
Eric L. Hausler, Chief Financial
Officer- 314.813.9205
Jill Alexander, Senior Director
Corporate Communication-314.813.9368
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SOURCE Isle of Capri Casinos, Inc.