PROVIDENCE, R.I., Oct. 6, 2020 /PRNewswire/ -- Twin River
Worldwide Holdings, Inc. (NYSE: TRWH) ("Twin River" or the
"Company") today announced that it intends to offer in a private
offering, subject to market conditions, $125
million in aggregate principal amount of 6.750% senior
unsecured notes due 2027 (the "New Notes"). The New Notes would
constitute an additional issuance of Twin River's existing 6.750%
senior notes due 2027 and would be issued under the indenture dated
as of May 10, 2019, pursuant to which
Twin River previously issued $400
million in aggregate principal amount of notes due 2027.
Immediately after giving effect to the proposed issuance of New
Notes, the Company will have $525
million in aggregate principal amount of notes due 2027
outstanding.
Twin River intends to use the net proceeds of this offering for
general corporate purposes, which could include, in addition to
funding operations, acquisitions and other transactions.
The offering of the New Notes has not been registered under the
Securities Act of 1933 or any other applicable securities laws and
the New Notes may not be offered, sold, pledged or otherwise
transferred within the United
States or to or for the account of any U.S. person, except
pursuant to an exemption from, or in a transaction not subject to,
the registration requirements of the Securities Act or any other
applicable securities laws. This press release does not constitute
an offer to sell or the solicitation of an offer to buy the New
Notes, nor shall there be any sale of the New Notes in any
jurisdiction in which such an offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of any such jurisdiction.
Preliminary Third Quarter Operating Results
The following third quarter operating results are preliminary
estimates based on the latest information available and are subject
to change as the Company completes its quarterly closing
procedures. For the three months ended September 30, 2020, the Company currently
expects:
- consolidated revenues will range from $100 million to $130
million; and
- consolidated Adjusted EBITDA will range from $30 million to $40
million.
The Company expects to be cash flow positive for the third
quarter of 2020 (excluding the acquisition of Casino KC and Casino
Vicksburg), and ended the quarter with liquidity in excess of
$360.0 million inclusive of
availability under its revolving credit facility. The Company
anticipates reporting final third quarter results in late October
or early November 2020. While
carrying out quarterly closing procedures, the Company may identify
items that would require it to make adjustments to the preliminary
estimates of its operating results set forth above. As a result,
the Company's actual operating results could be outside of the
ranges set forth above and such differences could be material.
About Twin River
Twin River owns and manages nine casinos, two in Rhode Island, two in Mississippi, one in Delaware, one in Missouri and three casinos as well as a horse
racetrack that has 13 authorized OTB licenses in Colorado. Twin River's properties include Twin
River Casino Hotel (Lincoln, RI),
Tiverton Casino Hotel Tiverton,
RI), Hard Rock Hotel & Casino (Biloxi, MS), Casino Vicksburg (formerly Lady
Luck Casino Vicksburg in Vicksburg,
MS), Dover Downs Hotel & Casino (Dover, DE), Casino KC (formerly Isle of Capri
Casino in Kansas City, MO),
Golden Gates Casino (Black Hawk, CO), Golden Gulch Casino
(Black Hawk, CO), Mardi Gras Casino (Black Hawk, CO), and Arapahoe Park racetrack
(Aurora, CO). Twin River's casinos
range in size from 603 slots and 8 electronic table games to
properties with over 4,100 slots, approximately 111 table games,
and 36 stadium gaming positions, along with hotel and resort
amenities.
Forward Looking Statements
The statements in this press release that are not historical
facts are forward-looking statements. Forward-looking statements
involve risks and uncertainties that could cause the stated or
expected results to be materially different from those anticipated.
These risk and uncertainties include, among others, Twin River's
ability to close the offering and uncertainty surrounding the
ongoing COVID-19 pandemic, including uncertainty regarding its
extent, duration and impact, on Twin River's business. For
further discussion of factors that could materially affect the
outcome of forward-looking statements and other risks and
uncertainties, see "Risk Factors" in Twin River's Annual Report on
Form 10–K for the fiscal year ended December
31, 2019, as filed with the Securities and Exchange
Commission ("SEC") on March 13,
2020, and the Company's Quarterly Reports on Form 10-Q for
the fiscal quarters ended March 31,
2020 and June 30, 2020, as
filed with the SEC on May 14,
2020 and August 13, 2020,
respectively. Should one or more of these risks or
uncertainties materialize, or should underlying assumptions prove
incorrect, actual results may vary materially from those indicated
or anticipated by such forward-looking statements. Unless required
by law, Twin River expressly disclaims any obligation to update or
revise any of these forward-looking statements, whether because of
future events, new information, a change in its views or
expectations, to conform them to actual results or otherwise. You
are cautioned not to place undue reliance on these forward-looking
statements.
Reconciliation of Non-GAAP Measures
The Company has included preliminary estimates of ranges for
Adjusted EBITDA, a non-GAAP financial measure, in this press
release.
"Adjusted EBITDA" is earnings, or loss for the Company before
interest expense, net of interest income, (benefit) provision for
income taxes, depreciation and amortization, non-operating income,
acquisition, integration and restructuring expense, goodwill and
asset impairment, share-based compensation, professional and
advisory fees associated with capital return program, CARES Act
credit, credit agreement amendment expenses, gain on insurance
recoveries, and certain other gains or losses.
Management has historically used Adjusted EBITDA when evaluating
operating performance because the Company believes that the
inclusion or exclusion of certain recurring and non-recurring items
is necessary to provide a full understanding of the Company's core
operating results and as a means to evaluate period-to-period
performance. Management also believes that Adjusted EBITDA is a
measure that is widely used for evaluating operating performance of
companies in the Company's industry and a principal basis for
valuing resort and gaming companies like the Company. Management of
the Company believes that while certain items excluded from
Adjusted EBITDA may be recurring in nature and should not be
disregarded in evaluating the Company's earnings performance, it is
useful to exclude such items when comparing current performance to
prior periods because these items can vary significantly depending
on specific underlying transactions or events that may not be
comparable between the periods presented or they may not relate
specifically to current operating trends or be indicative of future
results. Adjusted EBITDA should not be construed as an alternative
to GAAP net income as an indicator of the Company's performance. In
addition, Adjusted EBITDA as used by the Company may not be defined
in the same manner as other companies in the Company's industry,
and, as a result, may not be comparable to similarly titled
non-GAAP financial measures of other companies.
Net income is the most closely comparable GAAP measure to
Adjusted EBITDA, but the Company is unable to present net income at
this time without unreasonable effort or expense given that, among
other things, the Company is in the process of its quarterly
closing procedures.
Investor
Contact
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Media
Contact
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Steve Capp
|
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Liz Cohen
|
Executive Vice
President and Chief Financial Officer
|
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Kekst CNC
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401-475-8564
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212-521-4845
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InvestorRelations@twinriver.com
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Liz.Cohen@kekstcnc.com
|
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SOURCE Twin River Worldwide Holdings, Inc.