ST. LOUIS, July 26 /PRNewswire-FirstCall/ -- Isle of Capri Casinos,
Inc. (Nasdaq: ISLE) today announced that the Company has entered into a new
senior secured credit facility totaling $1.35 billion which will be used to
replace the Company's prior $700 million senior secured credit facility
which was entered into on February 4, 2005. The new senior credit facility
consists of a $475 million five-year revolving credit facility, which
matures on July 26, 2012 and an $875 million term loan facility, which
matures on November 25, 2013. The $875 million term loan facility consists
of a $500 million senior secured loan facility which was drawn at closing,
a $200 million senior secured delayed draw facility which may be drawn
within 35 days after closing in order to redeem the Company's 9% senior
subordinated notes and a $175 million senior secured delayed draw facility
which can be drawn within twelve months after closing, at the Company's
option. The covenants in the new facility will provide more flexibility as
the Company continues to pursue its development goals and the Company
expects the refinancing to lower its interest costs.
On July 25, 2007, the Company filed its Form 10-Q/A for its fiscal
third quarter ended January 28, 2007, restating certain of its historical
financial statements. Accordingly, the Company believes that it is now
compliant with the listing requirements of the NASDAQ Global Select Market.
Isle of Capri Casinos, Inc., founded in 1992, is dedicated to providing
its customers with an exceptional gaming and entertainment experience at
each of its 18 casino properties. The Company owns and operates casinos in
Biloxi, Lula and Natchez, Mississippi; Lake Charles, Louisiana; Bettendorf,
Davenport, Marquette and Waterloo, Iowa; Boonville, Caruthersville and
Kansas City, Missouri and a casino and harness track in Pompano Beach,
Florida. The Company also operates and has a 57 percent ownership interest
in two casinos in Black Hawk, Colorado. Isle of Capri Casinos'
international gaming interests include a casino that it operates in
Freeport, Grand Bahama, a casino in Coventry, England, and a two-thirds
ownership interest in casinos in Dudley and Wolverhampton, England.
There are four Isle of Capri Casinos brands including "the isle," Isle
of Capri, Colorado Central Station and Rhythm City, providing over 16,000
slot machines, 550 table games and 3000 hotel rooms for our guests'
enjoyment.
This press release may be deemed to contain forward-looking statements,
which are subject to change. These forward-looking statements may be
significantly impacted, either positively or negatively by various factors,
including without limitation, licensing, and other regulatory approvals,
financing sources, development and construction activities, costs and
delays, weather, permits, competition and business conditions in the gaming
industry. The forward-looking statements are subject to numerous risks and
uncertainties that could cause actual results to differ materially from
those expressed in or implied by the statements herein.
CONTACTS:
Isle of Capri Casinos, Inc.,
Allan B. Solomon, Executive Vice President-561.995.6660
Donn Mitchell, Chief Financial Officer-314.813.9319
Jill Haynes, Senior Director of Corporate Communication-314.813.9368
NOTE: Other Isle of Capri Casinos, Inc. press releases and a corporate
profile are available at http://www.prnewswire.com. Isle of Capri Casinos,
Inc.'s home page is http://www.islecorp.com.
SOURCE Isle of Capri Casinos, Inc.
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Related links:
http://www.islecorp.com
CONTACT:
Allan B. Solomon, Executive Vice President,
+1-561-995-6660, or Donn Mitchell, Chief Financial Officer,
+1-314-813-9319, or Jill Haynes, Senior Director of Corporate
Communication, +1-314-813-9368, all of Isle of Capri Casinos,
Inc.
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