Great Canadian Gaming receives tenders for 86.3% of 7¼% notes due 2015

New York, July 18 - Great Canadian Gaming Corp. said it received tenders and consent from holders of 86.3% of its $146,703,000 of 7¼% senior subordinated notes due 2015 by the consent deadline of 5 p.m. ET on July 18.

The company needed approval from holders of a majority of the notes so it will now be able to amend the note indenture. Great Canadian said it will enter into a supplemental indenture which will eliminate substantially all of the restrictive covenants and certain events of default when it purchases the notes.

The tender offer continues until 12:01 a.m. ET on Aug 2.

Holder who tendered by the consent deadline will receive $1,020.63 per $1,000 principal amount of notes, including a consent payment of $30. Those who tender after the consent deadline will receive $990.63 per $1,000.

Great Canadian will also pay accrued interest up to but excluding the settlement date.

The tender began on July 5.

Scotia Capital (USA) Inc. is the dealer manager (800 372-3930 or 212 225-5501). Global Bondholder Services Corp. is the information agent (866 389-1500).

Great Canadian is a Richmond, B.C., gaming, entertainment and hospitality company with operations in Canada and the United States.

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