Kerzner Announces Completion of Consent Solicitation Relating to $400 Million of 8 7/8% Senior Subordinated Notes Due 2011 and C
September 22 2005 - 5:13PM
Business Wire
Kerzner International Limited (NYSE:KZL) (the "Company"), a leading
international developer and operator of destination resorts,
casinos and luxury hotels, and its wholly owned subsidiary, Kerzner
International North America, Inc. ("KINA"), announced today that as
of 5:00 p.m. EST on September 21, 2005 (the "Consent Date"), they
had received the tenders and consents required to eliminate or
modify certain covenants and related provisions in the indenture
governing their outstanding 8 7/8% senior subordinated notes due
2011 (the "Notes"). As of the Consent Date, approximately 99.22% of
the $400 million aggregate principal amount outstanding of the
Notes were received and accepted for payment by the Company and
KINA. The Company paid the total consideration of $1,082.83 per
$1,000 aggregate principal amount of Notes validly tendered on or
prior to the Consent Date on September 22, 2005 by delivery to the
depositary. Furthermore, the Company, KINA and the trustee have
executed a supplemental indenture containing certain amendments to
the indenture, as described in the Offer to Purchase and Consent
Solicitation Statement dated September 12, 2005 (the "Statement").
The Company used the proceeds of a new offering of $400 million 6
3/4% senior subordinated notes that closed on September 22, 2005,
together with cash on hand, to repay the tendered Notes. Holders of
Notes can still tender their Notes until 12:01 a.m. EST on October
8, 2005 (the "Expiration Date"). Holders who validly tender their
Notes after the Consent Date and on or prior to the Expiration Date
are entitled to receive $1,060.58 per $1,000 aggregate principal
amount of Notes validly tendered, which represents the total
consideration less the consent payment. Copies of the tender offer
and consent solicitation documents can be obtained by contacting
MacKenzie Partners, Inc., the tabulation agent and information
agent for the consent solicitation, at 800-322-2885 (toll free) and
212-929-5500. Deutsche Bank Securities Inc. is acting as dealer
manager for the tender offer and solicitation agent for the consent
solicitation. Questions concerning the tender offer and consent
solicitation may be directed to Deutsche Bank Securities Inc., High
Yield Capital Markets, at 800-553-2826 (toll free). This press
release is neither an offer to purchase nor a solicitation of
acceptance of the offer to purchase, which may be made only
pursuant to the terms of the Statement and the related Letter of
Transmittal and Consent dated September 12, 2005. The consent
solicitation is being made solely by the Statement, and related
documents (as may be amended from time to time), and those
documents should be consulted for additional information regarding
delivery procedures and the conditions of the tender offer and
consent solicitation. This press release contains forward-looking
statements, which are made pursuant to the safe harbor provisions
of the Private Securities Litigation Reform Act of 1995. These
forward-looking statements involve risks and uncertainties which
are described in the Company's public filings with the U.S.
Securities and Exchange Commission. Investor inquiries regarding
the Company should be directed to Omar Palacios at 242-363-6018.
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