MTR Gaming tenders for any and all of its $130 million 9¾% notes, solicits consents for 9% notes

By Jennifer Chiou

New York, July 15 - MTR Gaming Group, Inc. announced the start of a cash tender offer and consent solicitation for any and all of its $130 million of 9¾% senior notes due 2010.

The company is also soliciting consents from holders of its $125 million of 9% senior subordinated notes due 2012.

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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