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Full House Resorts gets consents needed from holders of 8¼% notes
By Wendy Van Sickle
Columbus, Ohio, Feb. 1 – Full House Resorts, Inc. said it successfully completed its solicitation of consents from holders of its 8¼% senior secured notes due 2028 (Cusips: 359678AC3, U3232FAB3) to offer up to $100 million additional notes, according to an announcement.
The solicitation expired at 5 p.m. ET on Feb. 1.
The proceeds of the new notes to be added to the $310 million principal amount of the notes currently outstanding are expected be used to develop and open a new temporary casino in Waukegan, Ill., which will operate while a permanent casino is designed and constructed. The proceeds will also be used to pay the transaction fees and expenses of the note sale and for general corporate purposes. The company announced on Tuesday that it priced the additional $100 million notes.
The consents from the majority of noteholders also permit the company to increase the available borrowings under its credit agreement to $40 million from $15 million.
Holders who gave their consents will receive a consent fee of $10 per $1,000 principal amount of notes, if all conditions are satisfied or waived, concurrently with the issue of the further notes.
The solicitation was announced on Jan. 26.
Credit Suisse Securities (USA), LLC is the solicitation agent (Attn: Liability Management Group: 212 538-2147 or 800 820-1653). D.F. King & Co., Inc. is the information agent and tabulation agent (e-mail: FLL@dfking.com; 212 269-5550 (banks and brokers) or 866 406-2287), and Wilmington Trust, NA is the trustee.
The owner, developer and manager of gaming facilities is based in Las Vegas.
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