Waterford Gaming to redeem $5.025 million 8 5/8% notes on Sept. 15

New York, Aug. 12 - Waterford Gaming LLC said it will redeem $5.025 million principal amount of its 8 5/8% senior notes due 2012 on Sept. 15 under the excess cash provisions of the indenture.

The company will pay 107.61% of par for the securities.

As of Aug. 1, Waterford Gaming had $11.69 million of excess cash. After deducting the $6.29 million for the coupon payment due on Sept. 15, the remaining $5.41 million will be used for the redemption, according to a 10-Q filed with the Securities and Exchange Commission.

The Waterford, Conn., gaming company originally issued $155 million of the notes in 2003 and has previously redeemed $9.22 million under the excess cash provision.

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