This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

MTR Gaming Group Announces Completion Of Refinancing

MTR Gaming Group, Inc. (NasdaqGS: MNTG) (the “Company”) today announced that, on August 1, 2011, it successfully completed its previously announced offering of $565.0 million in aggregate principal amount of 11.50% Senior Secured Second Lien Notes due 2019 (the “Notes”). The Notes were issued at 97% of their aggregate principal amount. The Company also announced the completion and settlement of its previously announced Tender Offers and Consent Solicitations (as defined below).

As previously announced, on July 7, 2011, the Company commenced cash tender offers and consent solicitations for any and all outstanding (i) 9% Senior Subordinated Notes due 2012 (the “2012 Notes”) issued by the Company (the “2012 Notes Tender Offer and Consent Solicitation”) and (ii) 12.625% Senior Secured Notes due 2014 (the “2014 Notes,” and together with the 2012 Notes, the “Existing Notes”) issued by the Company (the “2014 Notes Tender Offer and Consent Solicitation” and together with the 2014 Notes Tender Offer and Consent Solicitation, the “Tender Offers and Consent Solicitations”). The Company announced today that holders of a majority of the 2012 Notes and greater than 66 2/3% of the 2014 Notes have tendered such Existing Notes and submitted consents to the proposed amendments to the indentures governing such Existing Notes and that the supplemental indentures eliminating substantially all of the restrictive covenants contained in such indentures and releasing the collateral securing the Company’s obligations under the 2014 Notes were executed. The Existing Notes that remain outstanding following the consummation of the Tender Offers and Consent Solicitations will be redeemed on August 31, 2011.

The net proceeds from the sale of the Notes, together with cash on hand, (i) were used to (a) purchase the Company’s Existing Notes that were tendered in connection with the Tender Offers and Consent Solicitations and pay accrued and unpaid interest thereon, (b) pay the consent fees associated with the Tender Offers and Consent Solicitations, (c) fund the redemption of the Existing Notes that remained outstanding following the consummation of the Tender Offers and Consent Solicitations and pay accrued and unpaid interest thereon, and (d) pay fees and expenses in connection with the offering of the Notes and the Tender Offers and Consent Solicitations, and (ii) will be used to establish a video lottery gaming facility at Scioto Downs.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 17,692.78 +14.55 0.08%
S&P 500 2,058.30 +2.15 0.10%
NASDAQ 4,877.2450 +13.8830 0.29%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs