Great Canadian Gaming to redeem 7¼% notes with 6 5/8% note proceeds

By Toni Weeks

San Diego, July 24 - Great Canadian Gaming Corp. said it will purchase or redeem any 7¼% senior subordinated notes due 2015 remaining after the completion of the company's tender offer for those notes with proceeds from its offering of $450 million of 6 5/8% senior unsecured notes due July 25, 2022, which closed on Tuesday.

The company so far has accepted for purchase $146,703,000 of its $170 million of the 7¼% notes in the tender offer and has notified the trustee for the notes that it will redeem all remaining notes. Holders of the notes called for redemption will receive a cash payment of $1,018.13 per $1,000 principal amount of notes plus accrued interest up to but not including the redemption date, which is expected to be Aug. 23, 2012.

The tender offer began July 5 and continues until 12:01 a.m. ET on Aug. 2. On July 18, the company reported it received tenders and consents from holders of 86.3% of the notes by the consent deadline, 5 p.m. ET on July 18, and would be able to amend the note indenture.

Scotia Capital (USA) Inc. is the dealer manager (800 372-3930 or 212 225-5501) for the tender offer. Global Bondholder Services Corp. is the information agent (866 389-1500).

Great Canadian is a Richmond, B.C., gaming, entertainment and hospitality company with operations in Canada and the United States.

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