Great Canadian amends credit facility, series A and B notes to avoid default

By Caroline Salls

Pittsburgh, March 27 - Great Canadian Gaming Corp. agreed to amend its syndicated bank credit facility and its series A and series B senior secured notes to prevent the potential default of the company's financial covenants on March 31, according to a company news release.

In connection with the amendment, Great Canadian has agreed to pay customary amendment fees and increase the interest rate of the series A and series B notes for a prescribed period of time.

The company said it intends to file its audited annual consolidated financial statements with the Securities and Exchange Commission by Friday.

The company also agreed to an C$80 million private equity placement.

Great Canadian, based in Richmond, B.C., operates casinos, racecourses and other gaming facilities.

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