Seneca Gaming investors tender $488.47 million of 7¼% notes so far

By Devika Patel

Knoxville, Tenn., Nov. 19 - Seneca Gaming Corp. said investors tendered $488,469,000 of the company's 7¼% senior notes due 2012 by the consent payment deadline of 5 p.m. ET on Nov. 17 as part of a tender offer and consent solicitation for the $500 million of notes.

The company accepted all of these notes for payment.

The tender offer launched Nov. 3 and will expire at 8 a.m. ET on Dec. 3.

The company is soliciting consents to amend the note indenture to eliminate or make less restrictive most of the restrictive covenants and some related events of default. Holders may not tender their notes without delivering consents and vice versa.

The company said it has now received the needed consents to make these changes and has implemented a supplemental indenture for the notes with the trustee.

Holders will receive $1,002.50 for each $1,000 principal amount of notes tendered. This includes a consent payment of $30.00 for each note tendered by the consent payment deadline.

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

The tender offer is conditioned on the receipt of tenders for at least a majority of the notes, the execution of the supplemental indenture containing the amendments and the receipt by the company of proceeds from one or more new debt financings.

The dealer manager is Bank of America Merrill Lynch (888 292-0070 or 980 388-9217). The information agent is D.F. King & Co., Inc. (800 207-3158 or 212 269-5550).

Seneca Gaming is based in Niagara Falls, N.Y., and operates the Seneca Nation of Indians' gaming operations.

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