San Pasqual Casino extends consent solicitation for 8% notes

By Angela McDaniels

Tacoma, Wash., June 27 - San Pasqual Casino Development Group, Inc. said it extended the consent solicitation for its 8% senior notes due 2013 to 5 p.m. ET on July 11 from June 27.

The company is seeking consents to permit a distribution to its parent, the San Pasqual Band of Mission Indians, and to eliminate the effect of a termination payment on some covenants in the indenture related to the notes, according to a company news release.

The San Pasqual Band has entered into an agreement with Sealaska Properties, LLC to terminate its remaining future obligations to Sealaska, including its obligation to pay Sealaska a percentage of the gaming revenues of its casino, in exchange for a termination payment. For the 12 months ended March 31, payments to Sealaska were about $4.2 million.

The company is offering a consent fee of $5 for each $1,000 principal amount of notes.

Merrill Lynch & Co. (888 654-8637 or 212 449-4914) is the solicitation agent. Global Bondholder Services Corp. (212 430-3774 or 866 389-1500) is the information agent.

San Pasqual Casino is based in Valley Center, Calif., and manages the Valley View Casino.

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