Ameristar Casinos seeks extension of revolver maturity to August 2012

By Sara Rosenberg

New York, Nov. 4 - Ameristar Casinos Inc. is asking lenders to extend the maturity on its revolving credit facility to August 2012 from November 2010, according to a news release.

The company expects to secure extensions on the vast majority of the principal outstanding under the revolver and any balance that is not extended is expected to be retired timely through free cash flow.

Extended revolver debt will carry higher pricing and lenders will get upfront fees.

At Sept. 30, the company's face amount of outstanding debt was $1.68 billion, and total leverage and senior leverage were each 4.91:1.

Net debt repayments in the third quarter totaled $1.2 million.

Ameristar is a Las Vegas-based gaming and entertainment company.

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