ST. LOUIS, March 29, 2011 /PRNewswire/ -- Isle of Capri Casinos, Inc. (Nasdaq: ISLE) (the "Company"), a leading owner, operator and manager of commercial gaming and entertainment facilities, announced today that it has successfully completed the refinancing of its senior secured credit facility by entering into an amended and restated senior secured credit agreement (the "New Credit Facility").
The New Credit Facility is comprised of a $300 million revolving credit facility, maturing in 2016, and a $500 million term loan facility, maturing in 2017.
The New Credit Facility, which extends the maturity dates beyond the 2012 maturity of the previous credit agreement, follows previous successful transactions by the Company in 2011. The Company raised $51.7 million in new equity in a January 2011 common stock offering, followed by the issuance of $300 million principal amount of 7.75% Senior Notes due 2019, in early March.
James B. Perry, the Company's chairman and chief executive, said, "We are successfully executing our strategy for improving the strength of our balance sheet and our overall capital position. Through our bond and equity offerings and now a new bank facility, we continue to bolster our financial flexibility as we construct our new casino in Missouri, benefit from our streamlined cost structure and pursue new and organic growth opportunities."Dale R. Black, the Company's chief financial officer, commented, "With this successful refinancing, coupled with our other financial achievements this year, we are well-positioned for the future. By pushing out the maturity on our debt commitments by between four and seven years, we are solidly positioned to benefit from our improved operations and drive shareholder value. Additionally, the covenants under the new agreement have been negotiated to take into account the Company's ability to fund growth projects, including Cape Girardeau, Missouri and, if granted a gaming license, in Pennsylvania." About Isle of Capri Casinos, Inc. Isle of Capri Casinos, Inc., founded in 1992, is dedicated to providing its customers with an exceptional gaming and entertainment experience at each of its 15 casino properties. The Company owns and operates casinos in Biloxi, Lula, Natchez and Vicksburg, Mississippi; Lake Charles, Louisiana; Bettendorf, Davenport, Marquette and Waterloo, Iowa; Boonville, Caruthersville and Kansas City, Missouri; two casinos in Black Hawk, Colorado; and a casino and harness track in Pompano Beach, Florida. Additionally, the Company was chosen to develop a new, Isle-branded gaming facility in Cape Girardeau, Missouri, which is expected to open in late 2012. More information is available at the Company's website, www.islecorp.com. Forward-Looking Statements This press release may be deemed to contain forward-looking statements, which are subject to change. These forward-looking statements may be significantly impacted, either positively or negatively, by various factors, including, without limitation, licensing and other regulatory approvals, financing sources, development and construction activities, costs and delays, weather, permits, competition and business conditions in the gaming industry. The forward-looking statements are subject to numerous risks and uncertainties that could cause actual results to differ materially from those expressed in or implied by the statements herein. The risks and uncertainties include, but are not limited to, competition in the casino/hotel and resorts industries, the Company's dependence on existing management, levels of travel, leisure and casino spending, general domestic or international economic conditions, and changes in gaming laws or regulations.
Check Out Our Best Services for Investors
Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts
Check Out Our Best Services for Investors
Jim Cramer's protégé, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
Every recommendation goes through 3 layers of intense scrutinyquantitative, fundamental and technical analysisto maximize profit potential and minimize risk.
Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.