Great Canadian tenders for 7.25% subordinated notes due 2015

By Jennifer Chiou

New York, July 5 - Great Canadian Gaming Corp. announced the start of its cash tender offer for its $170 million of 7.25% senior subordinated notes due February 2015.

The company is also soliciting consents to amend the note indenture.

The offer will end at 12:01 a.m. ET on Aug. 2.

For each $1,000 principal amount, the company is offering $1,020.63, including a $30.00 consent payment for those who tender prior to 5 p.m. ET on July 18.

Great Canadian Gaming will also pay accrued interest.

The company is seeking consents from holders of a majority of the notes.

Scotia Capital (USA) Inc. is the dealer manager and solicitation agent (800 372-3930 or 212 225-5501). Global Bondholder Services Corp. is the tender agent (866 389-1500).

Great Canadian Gaming is a Richmond, B.C.-based gaming, entertainment and hospitality operator.

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