Alliance Gaming hopes to refinance bank and bond debt in September

By Sara Rosenberg

New York, July 2 - Alliance gaming Corp. is actively reviewing proposals for refinancing both its $190 million senior term credit facility and its $150 million 10% subordinated notes due 2007. It is expected that if a refinancing is completed it would occur in the September 2003 quarter, according to a news release.

The Las Vegas diversified gaming company's subordinated notes are callable as of Aug. 1, 2003 at a price of 103.3%.

In addition, on Wednesday, the company updated its fiscal year 2004 guidance to reflect the anticipated charge for the refinancing. Including the 16 cents charge to write off the previously capitalized debt issue costs and the early retirement bond premium, earnings per share for fiscal 2004 is expected to be at least 94c for continuing operations, or $1.10 excluding the refinancing charge.

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