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GCGC Announces Pricing Of $450M Of Notes

Published: July 19, 2012 3:52 pm ET

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Great Canadian Gaming Corporation ('Great Canadian' or the 'Company') announced on Wednesday, July 18 that it has priced its previously announced offering (the 'Offering') of senior unsecured notes.

Great Canadian will issue $450 million in aggregate principal amount of 6.625% notes due July 25, 2022 (the 'New Notes'). Due to the positive market reception for the Offering, the Company has increased the size of the offering to $450 million from $400 million.

The New Notes will be offered in a private placement in Canada under available prospectus exemptions and in the United States to qualified institutional buyers under Rule 144A under the United States Securities Act of 1933 (the Securities Act'). The New Notes have not been and will not be registered under the Securities Act and may not be offered or sold in the United States absent registration under the Securities Act or an applicable exemption from the registration requirements of the Securities Act. The New Notes will be guaranteed, jointly and severally, by Great Canadian's current and future material restricted subsidiaries.

The Offering is expected to close on or about July 24, 2012, subject to customary closing conditions and the amendment of the Company's existing credit agreement.

The Company expects to receive aggregate net proceeds of approximately $440 million from the Offering, after deducting underwriting fees and estimated offering expenses.

Great Canadian intends to use the net proceeds from the Offering to fund the purchase or redemption of its 7.250% senior subordinated notes due 2015 (the "Old Notes"), to repay the Tranche B term loans under its credit agreement and derivative liabilities relating to hedging transactions in connection with the Old Notes and the Tranche B term loans and for general corporate purposes.

Scotia Capital Inc. and HSBC Securities (Canada) Inc. are acting as joint book-running managers for the Offering.

This press release is for informational purposes only and is not an offer to buy or a solicitation of an offer to sell any securities of the Company. The Toronto Stock Exchange has neither approved nor disapproved the form or content of this press release.

(Great Canadian)

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