Greektown begins change-of-control offer for series A, B 13% notes

By Angela McDaniels

Tacoma, Wash., April 22 - Greektown Superholdings, Inc. began a change-of-control offer to purchase any and all of its outstanding 13% series A senior secured notes due 2015 and 13% series B senior secured notes due 2015, according to an 8-K filing with the Securities and Exchange Commission.

The offer will expire at 5 p.m. ET on June 18.

The company is offering 101% of par plus accrued interest up to but excluding June 21.

As of April 22, there is $385 million aggregate principal amount of notes outstanding.

The change of control occurred on April 12 when Athens Acquisition, LLC, an entity owned by Quicken Loans founder and Cleveland Cavaliers owner Dan Gilbert, became the beneficial owner of 58% of the voting power of the company's equity securities.

The depositary is Wilmington Trust, NA (Attention: Sam Hamed, 302 636-6181).

Detroit-based Greektown Superholdings operates, through its subsidiaries, the Greektown Casino-Hotel.

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