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Kerzner continues tender offer through Aug. 31
By Laura Lutz
Des Moines, Aug. 31 - Kerzner International Ltd. extended the tender offer for its outstanding 6¾% senior subordinated notes due 2015 to 5 p.m. ET on Aug. 31 from Aug. 29, the company announced on Thursday.
As of Aug. 30, Kerzner had received tenders and consents for 98.7% of the outstanding notes.
That is up from 97.6% of the notes that the company had received by the Aug. 15 consent deadline.
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 offer was announced on Aug. 1.
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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