ST. LOUIS, May 1, 2017 /PRNewswire/ -- Isle of Capri
Casinos, Inc. (NASDAQ: ISLE) (the "Company") today announced the
early tender results and initial settlement of the previously
announced cash tender offer (the "Tender Offer") for any and all of
its outstanding 5.875% Senior Notes due 2021 (CUSIP No. 464592
AQ7) (the "Notes"). The terms and conditions of the Tender
Offer are described in the Company's Offer to Purchase dated
April 17, 2017 (the "Offer to
Purchase").
As of 5:00 p.m., New York City time, on April 28, 2017 (the "Early Tender Date"),
$252,910,000 aggregate principal
amount of Notes (representing approximately 56.20% of outstanding
Notes) had been validly tendered (the "Early Tender Notes"). On
May 1, 2017, the Company accepted for
purchase and purchased all Early Tender Notes.
Holders of the Early Tender Notes received the total
consideration of $1,031.88 per
$1,000 principal amount of Notes
tendered, which includes an early tender payment of $2.50 per $1,000
principal amount of Notes tendered (the "Early Tender Payment"). In
addition, holders of the Early Tender Notes received accrued and
unpaid interest up to, but not including, the date of payment for
the Notes.
Holders validly tendering Notes after the Early Tender Date but
prior to 11:59 p.m. New York City time, on May 12, 2017,
unless extended or earlier terminated by the Company (the
"Expiration Date") will not be eligible to receive the Early Tender
Payment, but will be eligible to receive the tender offer
consideration of $1,029.38 per
$1,000 principal amount of Notes
tendered, plus accrued and unpaid interest up to, but not
including, the date of payment for such Notes. Other than as
required by applicable law, tendered Notes may not be withdrawn
after the Early Tender Date. The Company's obligation to purchase
the Early Tender Notes was, and acceptance of Notes tendered after
the Early Tender Date but at or before the Expiration Date is,
subject to the satisfaction or waiver of certain conditions as set
forth in the Offer to Purchase. The final settlement will be
promptly after the Expiration Date, and is expected to be on
May 15, 2017.
The Company has engaged J.P. Morgan Securities LLC to act as the
dealer manager in connection with the Tender Offer. Questions
regarding the Tender Offer may be directed to J.P. Morgan
Securities LLC at (212) 834-4811 (collect) or (866) 834-4666 (US
toll-free). Requests for documentation may be directed to
D.F. King & Co., Inc., at (866)
530-8636 (US toll-free) or (212) 269-5550 (for bankers and brokers)
or via email to isle@dfking.com.
This press release is for informational purposes only and is not
an offer to purchase or a solicitation of an offer to purchase any
securities. The Tender Offer is being made solely pursuant to the
Offer to Purchase, which sets forth the complete terms of the
Tender Offer.
ABOUT ISLE OF CAPRI CASINOS
Isle of Capri Casinos,
Inc. is a leading regional gaming and entertainment company
dedicated to providing guests with an exceptional experience at
each of the 13 casino properties that it owns or operates,
primarily under the Isle and Lady Luck brands. On May 1, 2017, Eldorado Resorts, Inc. (NASDAQ: ERI)
("ERI") and the Company announced that the previously announced
merger of the Company and ERI has been consummated, resulting in
ERI's acquisition of all of the outstanding shares of the Company.
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.
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SOURCE Isle of Capri Casinos, Inc.