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GCGC Note Offering Closes

Published: July 25, 2012 10:55 am ET

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On Tuesday, July 24, the Great Canadian Gaming Corporation ('Great Canadian' or the 'Company') announced the closing of its previously announced offering (the 'Offering') of $450 million principal amount of 6.625% senior unsecured notes due July 25, 2022 (the 'New Notes').

The New Notes were 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 are guaranteed, jointly and severally, by Great Canadian's current and future material restricted subsidiaries.

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') tendered or otherwise redeemed in connection with its previously announced tender offer for the Old Notes (the 'Tender Offer'), to repay the Tranche B term loans under its credit agreement, to settle derivative liabilities relating to hedging transactions in connection with the Old Notes and the Tranche B term loans and for general corporate purposes.

The Company today accepted for purchase US$146,703,000 of Old Notes tendered in connection with the Tender Offer and has notified the trustee for the Old Notes that the Company has elected to redeem all remaining Old Notes. Holders of the Old Notes called for redemption will receive a cash payment of US$1,018.13 for each US$1,000 principal amount of Old Notes called for redemption plus accrued and unpaid interest up to, but not including, the redemption date, which is expected to be August 23, 2012.

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.


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