Gaming Strategy
Featured Stories
Legal News Financial News Casino Opening and Remodeling News Gaming Industry Executives Search News Subscribe
Newsletter Signup
Stay informed with the
NEW Casino City Times newsletter!
Search Our Archive of Gaming Articles 

Autotote Corporation Announces Tender Offer Pricing for Its 10 7/8% Series B Senior Notes Due 2004

29 August 2000

NEW YORK--(Press Release)--Aug. 29, 2000--Autotote Corporation (ASE:TTE) announced today the pricing of its tender offer for all of its outstanding 10 7/8% Series B Senior Notes due 2004 (the ``Notes'').

The total consideration for each $1,000 principal amount of Notes will be $1,094.95 (calculated as described in Schedule I to the Company's Offer to Purchase and Consent Solicitation Statement dated July 24, 2000 (the ``Statement'')) assuming a payment date of August 31, 2000.

The total consideration was calculated based on the present value of the Notes using the redemption price of the Notes on August 1, 2001 on the basis of a tender offer yield of 6.880% which is the sum of the yield determined at 2:00 p.m., New York City time, on August 28, 2000 for the 5 1/2% U.S. Treasury Note due July 31, 2001 plus 50 basis points, plus accrued and unpaid interest up to, but not including, the date of payment for the notes.

As described in more detail in the Statement, the total consideration for the Notes includes a consent payment equal to $25.00 per $1,000 principal amount of the Notes purchased that will be paid only for tendered Notes for which consents were delivered on or prior to August 4, 2000.

As of that date, tenders and consents had been received from holders of more than 99% of the $110 million of outstanding Notes. The tender offer will terminate at 9:00 a.m., New York City time, on Thursday, August 31, 2000, unless extended.

The tender offer and consent solicitation are being made in connection with the proposed acquisition (the ``Scientific Games Acquisition'') by the Company of Scientific Games Holdings Corp. The tender offer and the making of the consent payments are conditioned upon, among other things, consummation of the Scientific Games Acquisition and the satisfaction of a financing condition, each as described in more detail in the Statement.

< Gaming News