Peninsula Gaming 8 3/8% noteholders approve issuing second-lien notes

By Susanna Moon

Chicago, Feb. 2 - Peninsula Gaming, LLC said it received the required consents to amend its 8 3/8% senior secured notes due 2015 to allow the issuance of additional second-lien notes under the first-lien senior secured debt basket of the indenture.

The consent solicitation ended at 5 p.m. ET on Feb. 2.

Holders who delivered consents by the expiration time will receive a consent payment of $1.25 per $1,000 principal amount of notes. They must be holders of record as of 5 p.m. ET on Jan. 26.

The consent payment will be "paid as promptly as practicable after the expiration date," according to a company press release.

The consent solicitation was conditioned on the receipt of consents from holders of at least a majority of the notes, the execution of a supplemental indenture and the receipt of proceeds from a financing.

Peninsula Gaming previously noted that it sought to amend the notes because the issuance of additional secured notes under that basket effectively reduces the amount of first-lien secured debt that can be incurred under the secured notes indenture.

Credit Suisse Securities (USA) LLC (800 820-1653 or collect 212 538-2147) was the solicitation agent. i-Deal LLC (877 746-3583) was the information and tabulation agent.

U.S. Bank NA is the trustee.

Peninsula Gaming is a Dubuque, Iowa-based owner and operator of gaming facilities.

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