Downstream Development tenders for up to $4.54 million of 10½% notes

By Marisa Wong

Los Angeles, Dec. 31 – Downstream Development Authority of the Quapaw Tribe of Oklahoma launched on Tuesday an offer to purchase for cash up to $4,542,000 of its $270 million of outstanding 10½% senior secured notes due 2023.

The offer expires at 5 p.m. ET on Jan. 29.

The authority is offering to purchase the notes at 102 plus accrued interest to but excluding the settlement date, according to a term sheet.

The amount of notes accepted for purchase may be prorated.

The offer constitutes an excess cash flow offer, the authority noted.

D.F. King & Co., Inc. (212 269-5550 for banks and brokers, 800 290-6424 for all others or quapaw@dfking.com) is the tender agent and information agent.

The issuer is a Quapaw, Okla.-based gaming concern that owns and operates a casino-resort at the three-corners border area of Oklahoma, Missouri and Kansas.

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