MTR Gaming amends consent bid for $125 million 9% notes due 2012

By Susanna Moon

Chicago, July 20 - MTR Gaming Group, Inc. said it amended the consent solicitation for its $125 million of 9% senior subordinated notes due 2012.

The company said it will not seek previously proposed amendments to the definition of change of control in the indenture governing the notes.

On July 15, MTR Gaming announced the start of a cash tender offer and consent solicitation for its $130 million of 9¾% senior notes due 2010.

The company said it was also soliciting consents from holders of the 9% notes.

The tender offer ends at 11:59 p.m. ET on Aug. 11.

The consent deadline is 5 p.m. ET on July 22 for both notes series.

For each $1,000 principal amount of 9¾% notes, holders who tender will receive $1,005, including a $30 consent fee.

Those who give consent for the 9% notes will receive a cash consent payment of $10 for each $1,000 principal amount.

MTR is seeking consents from holders of a majority of notes.

The offer is also conditioned on the company amending and restating its existing credit facility to provide for not less than $20 million of revolving borrowing capacity. MTR must also issue at least $250 million of senior secured notes or other debt securities.

Goldman, Sachs & Co. is the dealer manager and solicitation agent (212 357-4692 or 877 686-5059). Requests for documentation may be directed to MacKenzie Partners, Inc. (800 322-2885 or 212 929-5500).

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

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