MTR Gaming noteholders give consent to amend note indentures

By Angela McDaniels

Seattle, June 15 - MTR Gaming Group, Inc. said it received the consents needed to amend the indentures of its series B senior notes due 2010 and series B senior subordinated notes due 2012.

The amendments will allow the company to increase to $135 million from $85 million the permitted debt basket for debt incurred under its secured revolving credit agreement.

MTR will pay a consent fee of $7.50 per $1,000 principal amount of senior notes and $20.00 per $1,000 of senior subordinated notes to holders who delivered consents by 5 p.m. ET on June 14.

Holders of the senior subordinated notes may be entitled to some additional payments beginning in the third quarter of 2008 if the company does not satisfy certain financial ratios, according to a company news release.

MTR is a Chester, W.Va.-based company involved in gaming, horseracing and hotel properties.

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