Eldorado Resorts gets consents to incur debt under 7% notes due 2023

By Susanna Moon

Chicago, March 14 – Eldorado Resorts, Inc. said it secured the needed majority of consents to amend its $375 million of outstanding 7% senior notes due 2023.

Eldorado plans to execute a supplemental indenture to the notes that will boost the company’s ability to incur credit facility debt to allow the company to tap a new $1.75 billion credit facility in connection with its planned acquisition of Isle of Capri Casinos, Inc., according to a company announcement.

The consent solicitation was set to end at 5 p.m. ET on March 14.

The proposed amendment will become effective upon execution of the supplemental indenture but will be operative only upon the payment of the consent fee and completion of the company’s planned merger.

As announced March 6, the consent payment is $1.50 per $1,000 principal amount of notes.

The solicitation agent is J.P. Morgan Securities LLC (212 834-4811 or 866 834-4666). The information and tabulation agent is D.F. King & Co., Inc. (800 423-2107).

Eldorado Resorts is a casino entertainment company based in Reno, Nev.

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