From the St.Louis Business Journal- (link at the bottom)
Isle of Capri said Tuesday that it plans to issue $300 million in senior notes due 2019 to repay existing term loans and is seeking up to $825 million in loans to refinance its debt.
The notes will be guaranteed by certain of Isle’s existing and future domestic subsidiaries, the company said. The offering is being made only to qualified institutional buyers and to non-U.S. persons outside the country, the company said.
Isle said in a regulatory filing that concurrent with the offering, it’s in discussions with lenders to replace its existing credit facility with a revolving credit facility of up to $325 million due 2016 and a term loan of up to $500 million due 2017.
Isle said it expects to enter the new agreement shortly after completing the $300 million senior notes offering and before the end of its fiscal 2011 fourth quarter.
As of Jan. 23, the gaming company owed $810.9 million under its term loan that matures Nov. 25, 2013, and $79.5 million was outstanding under its revolving line of credit that expires July 26, 2012, according to the company’s fiscal third-quarter filing.
