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Isle Of Capri Casinos Completes $200 Million Debt Offering27 March 2002BILOXI, Mississippi –(Press Release) --Isle of Capri Casinos, Inc. (Nasdaq: ISLE) announced today that it has completed the sale in a Rule 144A offering of $200,000,000 of its 9% Senior Subordinated Notes due March 15, 2012. The net proceeds have been used to repay outstanding term loans under its $650,000,000 senior secured bank credit facility. Bernard Goldstein, Chairman and CEO, remarked, ``I am pleased with our ability to issue additional subordinated debt on favorable terms. This offering is an important step in our strategy to extend debt maturities, reduce senior secured leverage, and improve our financial flexibility.'' ``This transaction, coupled with a planned amended and restated senior secured bank credit facility, gives us the ability to use our substantial free cash flow to de-lever and achieve our goal of total leverage at or below 4.0 times EBITDA and cash interest coverage at or above 3.0 times EBITDA,'' added John M. Gallaway, President and Chief Operating Officer. Separately, Isle of Capri announced it had decided not to continue the solicitation of consents of holders of its 8 3/4% Senior Subordinated Notes due 2009 related to certain indenture amendments. The 9% Senior Subordinated Notes have not been registered under the Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exception from registration requirements. |