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San Pasqual Casino Development Group launches solicitation20 June 2008VALLEY CENTER, California -- (PRESS RELEASE) -- San Pasqual Casino Development Group, Inc. (the "Company"), a wholly-owned, tribally chartered corporation formed under the laws of the San Pasqual Band of Mission Indians (the "Band"), today announced that it has commenced a consent solicitation with respect to amendments to the indenture governing its outstanding 8% Senior Notes due 2013 (the "Notes") issued on September 29, 2005 (the "Consent Solicitation"). The Consent Solicitation will expire at 5:00 p.m., New York City time, on June 27, 2008, unless earlier terminated or extended (such time and date, as they may be extended, the "Consent Date"). The Band has entered into an agreement with Sealaska Properties, LLC ("Sealaska"), to terminate the Band's remaining future obligations to Sealaska, including the Band's obligation to pay Sealaska a percentage of the gaming revenues of the Band's casino, in exchange for a termination payment. For the twelve months ended March 31, 2008, payments to Sealaska were approximately $4.2 million. The Company is seeking consents to an amendment to the indenture relating to the Notes (the "Indenture") in order to eliminate the effect of the termination payment on certain covenants in the Indenture. In addition, the Company is seeking consents to an amendment to the Indenture to permit a distribution to the Band. Upon receipt of the requisite consents (which may occur prior to the Consent Date), the Issuer intends to effect the execution of a Supplemental Indenture (the "Supplemental Indenture") containing the amendments. |