International edition
September 27, 2020

By entering into an amended and restated credit agreement

Isle of Capri successfully refinances credit facility

(US).- Isle of Capri Casinos announced that it has successfully completed the refinancing of its senior secured credit facility by entering into an amended and restated senior secured credit agreement.

T

he New Credit Facility is comprised of a US$ 300 million revolving credit facility, maturing in 2016, and a US$ 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 US$ 51.7 million in new equity in a January 2011 common stock offering, followed by the issuance of US$ 300 million principal amount of 7.75% Senior Notes due 2019, in early March.

 

James B. Perry, the Company's Chairman and CEO, 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 CFO, 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."

 

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