Kerzner International receives consents for 97.6% of 6¾% notes

By Laura Lutz

Des Moines, Aug. 18 - Kerzner International Ltd. received tenders and consents from holders of 97.6% of its outstanding 6¾% senior subordinated notes due 2015 by the Aug. 15 consent deadline in its ongoing tender offer and consent solicitation.

The consents allow Kerzner to eliminate substantially all of the restrictive covenants and some events of default and related provisions from the note indenture.

As previously reported, Kerzner will pay $1,071.67 plus accrued interest per $1,000.00 of principal amount, including a $20.00 consent payment, for notes tendered by the consent deadline. Notes tendered after the consent deadline will not receive the consent payment.

The tender offer expires at 12:01 a.m. ET on Aug. 29.

The tender offer is subject to some conditions, including consummation of the acquisition of Kerzner by an investor group.

MacKenzie Partners, Inc. is the information agent (800 322-2885 or 212 929-5500). Deutsche Bank Securities Inc. is the dealer manager (800 553-2826).

Kerzner is a resort and hotel operator based in Plantation, Fla.

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