American Casino & Entertainment begins tenders for 11% notes

By Angela McDaniels

Tacoma, Wash., June 7 - American Casino & Entertainment Properties LLC and ACEP Finance Corp. began a tender offer for their $337.5 million of outstanding 11% senior secured notes due 2014, according to a company news release.

The company is offering $1,005 per $1,000 principal amount of notes. This includes a $30 early tender premium for each note tendered by 5 p.m. ET on June 20, the early tender date.

The company will also pay accrued interest up to but excluding the purchase date.

The tender offer will expire at 11:59 p.m. ET on July 5.

The tender offer is subject to the satisfaction of some conditions that include the consummation of one or more financings.

If not all notes are tendered, the company may exercise its right to satisfy and discharge the indenture governing the notes as promptly as practicable after the early tender date.

The dealer managers are Goldman Sachs & Co. (800 828-3182 or 212 357-0345) and Deutsche Bank Securities Inc. (855 287-1922 or 212 250-7527). The depositary and information agent is Global Bondholder Services Corp. (866 873-7700 or 212 430-3774).

The Las Vegas-based company owns and operates four gaming and entertainment properties in Clark County, Nevada.

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