Full House Resorts Announces Successful Conclusion of Consent Solicitation With Respect to Its 8.250% Senior Secured Notes Due 2028
02 Février 2022 - 12:43AM
Full House Resorts, Inc. (“Full House” or the “Company”) (Nasdaq:
FLL) announced today that it has successfully concluded its
previously announced solicitation (the “Solicitation”) of consents
(the “Consents”) to amend the Indenture (such amendments, the
“Amendments”) dated as of February 12, 2021 (as amended
or supplemented through the date hereof, the “Indenture”) governing
Full House’s 8.250% Senior Secured Notes due 2028 (the “Notes”)
(CUSIP Nos. 359678 AC3 and U3232F AB3) to allow
for the incurrence of up to $100.0 million of additional Notes
(the “Additional Notes”): (i) to develop, equip and open
The Temporary by American Place, our planned temporary
casino in Waukegan, Illinois (“The Temporary”) which we intend
to operate while we design and construct our permanent American
Place facility, (ii) to pay the transaction fees and expenses
of the offer and sale of the Additional Notes and (iii) for
general corporate purposes. The Consents will also permit the
Company to increase the available borrowings under its credit
agreement from $15.0 million to $40.0 million. The
aggregate outstanding principal amount of the Notes, prior to the
issuance of the Additional Notes, is $310.0 million.
The Solicitation expired at 5:00 p.m., New
York City time, on February 1, 2022 (the “Expiration
Time”). Consents were received from a majority of holders of the
Notes. Full House will pay a cash payment (the “Consent Fee”) of
$10.00 per $1,000 principal amount of Notes with respect to which a
valid Consent to the Amendments was delivered (and not validly
revoked) prior to the Expiration Time. The Consent Fee will only be
payable if all conditions to the Solicitation have been satisfied
or waived and will be paid substantially concurrently with the
issue date of the Additional Notes.
This press release is for informational purposes
only and is neither an offer to sell nor a solicitation of an offer
to buy any security. The Additional Notes will not be registered
under the Securities Act of 1933, as amended, and may not be
offered or sold in the United States absent registration or an
applicable exemption from registration requirements.
About Full House Resorts
Full House Resorts owns, leases, develops and
operates gaming facilities throughout the country. The Company’s
properties include Silver Slipper Casino and Hotel in Hancock
County, Mississippi; Bronco Billy’s Casino and Hotel in Cripple
Creek, Colorado; Rising Star Casino Resort in Rising Sun, Indiana;
Stockman’s Casino in Fallon, Nevada; and Grand Lodge Casino,
located within the Hyatt Regency Lake Tahoe Resort, Spa and Casino
in Incline Village, Nevada. The Company is currently constructing
Chamonix Casino Hotel, a new luxury hotel and casino in Cripple
Creek, Colorado, and has been selected by the Illinois Gaming Board
to develop a casino in Waukegan, Illinois. For further information,
please visit www.fullhouseresorts.com.
Safe Harbor Statement under the Private
Securities Litigation Reform Act of 1995
This document may contain certain
“forward-looking statements” within the meaning of the Private
Securities Litigation Reform Act of 1995. These include statements
regarding, but not limited to, Full House Resorts’ intention to the
offer the securities and the expected uses of the proceeds from the
proposed offering. Forward-looking statements can be identified by
the use of words such as “may,” “will,” “plan,” “should,” “expect,”
“anticipate,” “estimate,” “continue” or comparable terminology.
Forward-looking statements involve risks and uncertainties that
could cause actual results or developments to differ materially
from those indicated due to a number of factors affecting Full
House Resorts’ operations, markets, products and services. Full
House Resorts identifies the principal risks and uncertainties that
impact its performance in its public reports filed with the SEC,
including the “Risk Factors” and “Management’s Discussion and
Analysis of Financial Condition” sections of Full House Resorts’
most recent Annual Report on Form 10-K, as may be supplemented
or amended by Full House Resorts’ subsequent Quarterly Reports on
Form 10-Q. Forward-looking statements speak only as of the
date on which they are made and Full House Resorts undertakes no
obligation to publicly release the results of any revision to such
forward-looking statements, which may be made to reflect events or
circumstances after the date hereof or to reflect the occurrence of
unanticipated events, except as required by applicable law.
Contact:
Lewis Fanger, Chief Financial OfficerFull House
Resorts, Inc. (702) 221-7800www.fullhouseresorts.com
Full House Resorts (NASDAQ:FLL)
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