French Lick starts Dutch auction for 10¾% notes

New York, March 31 - French Lick Resorts & Casino, LLC and French Lick Resorts & Casino Corp. announced a modified Dutch auction tender offer for up to $150 million principal amount of their 10¾% first mortgage notes due 2014.

The French Lick, Ind.-based casino operator will accept offers to sell at prices between $730 and $780 per $1,000 principal amount, plus accrued interest.

Under the auction, the issuer will accept notes up to the lowest price that will allow it to buy $150 million of the securities. All holders will receive that price.

The offer ends at midnight ET on April 25.

Holders who tender by the early tender deadline of 5 p.m. ET on April 11 will receive an early tender premium of $20 per $1,000.

The $150 million size of the offer is 56% of the principal amount outstanding.

J.P. Morgan Securities Inc. is dealer manager (212 270-1477, attention: Michael Rutherford). MacKenzie Partners, Inc. is the information agent (call collect 212 929-5500 or 800 322-2885).

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