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Gateway Casinos refinancing may include new second-priority notes
By Paul A. Harris
Portland, Ore., Nov. 4 - Gateway Casinos & Entertainment Ltd. announced in a Monday press release that it might issue new second-priority senior secured notes in a newly undertaken debt refinancing effort.
Although no size was given in the release, Moody's Investors Service affirmed its Caa1 rating on $220 million of the company's second-lien notes on Monday.
The Burnaby, BC, Canada-based company concurrently announced a tender offer for C$170 million of its 8 7/8% second-priority senior secured notes due 2017.
Also, the company seeks an amendment and restatement of its existing senior secured credit facility.
TD Securities Inc. is the dealer manager for the tender.
The early deadline is Nov. 18.
Gateway operates gaming properties in Burnaby, New Westminster, Langley, Vernon, Kamloops, Kelowna, Penticton, Edmonton and elsewhere.
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