Greektown Holdings tenders for any, all $385 million 13% notes

By Jennifer Chiou

New York, Feb. 25 - Greektown Holdings, LLC announced the start of its cash tender offer for any and all of its $385 million of 13% senior secured notes due 2015.

Greektown Mothership Corp. is also an issuer of the notes.

The company is also soliciting consents to amend the indenture to, among other things, eliminate substantially all of the restrictive covenants and release the collateral securing the notes.

For each $100,000 principal amount, the company is offering a total consideration of $104,375, which includes a consent payment of $3,000 for those who tender and deliver consents prior to 5 p.m. ET on March 10.

Greektown will also pay accrued interest.

The offer will expire at 11:59 p.m. ET on March 24.

The tender offer is conditioned upon, among other things, financing and approval from the Michigan Gaming Control Board. The company expected to bring a $425 million offering of eight-year notes into the market on Wednesday.

Jefferies LLC is the dealer manager and solicitation agent (888 708-5831 or call collect 203 363-8273). Ipreo LLC is the information agent and depositary (212 849-3880 for brokers and banks or 888 593-9546).

Detroit-based Greektown Holdings operates, through its subsidiaries, the Greektown Casino-Hotel.

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