Key Developments For MTR Gaming Group, Inc.
MTR Gaming Group, Inc. (MNTG.O) (Nasdaq)
MTR Gaming Group, Inc. Files Shelf Registration Statement
MTR Gaming Group, Inc. announced that it has filed a shelf registration statement on Form S-3 with the Securities and Exchange Commission. MTR does not have any immediate plans or current commitments to sell securities under the registration statement. The shelf registration statement, when declared effective by the Securities and Exchange Commission, will provide MTR the flexibility to offer and sell from time to time in the future, in one or more public offerings, up to 18 million shares of the Company's common stock. The specific terms of any future offering, including the prices and use of proceeds of any securities offered, will be determined at the time of any such offering, and will be described in detail in a prospectus supplement filed at the time of any such offering. The shelf registration statement has been filed with the Securities and Exchange Commission, but has not yet become effective.
MTR Gaming Group, Inc. Announces Completion of Senior Secured Notes Offering
MTR Gaming Group, Inc. announced that it has successfully completed its offering of $10 million in aggregate principal amount of 12.625% senior secured notes due 2014 (the Additional Notes) at an issue price equal to 96.000% of the principal amount of the Additional Notes. The offering was made in the United States to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the Securities Act), and to persons outside the United States pursuant to Regulation S under the Securities Act. The Additional Notes have not been registered under the Securities Act and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act. The Additional Notes form a part of the same series as the Company's outstanding 12.625% Senior Secured Notes due 2014 issued on August 12, 2009. The aggregate principal amount of outstanding notes of this series, including the Additional Notes, is $260,000,000. The Company intends to use the net proceeds of this offering for general corporate purposes.
MTR Gaming Group, Inc. Announces Pricing Of Senior Secured Notes
MTR Gaming Group, Inc. announced that on October 7, 2009 it priced its previously announced offering of $10 million in aggregate principal amount of 12.625% senior secured notes due 2014, (Additional Notes) at an issue price equal to 96% of the principal amount of the Additional Notes. The offering is expected to close on or about October 13, 2009, subject to the termination of the Company's existing senior secured credit facility or an amendment to such senior secured credit facility to permit this offering as well as other customary closing conditions. The Additional Notes will form a part of the same series as the Company's outstanding 12.625% Senior Secured Notes due 2014, issued on August 12, 2009. Upon completion of this offering, the aggregate principal amount of outstanding notes of this series, including the Additional Notes, will be $260,000,000. The Company intends to use the net proceeds of this offering for general corporate purposes.
MTR Gaming Group, Inc. Announces Completion of Senior Secured Notes Offering
MTR Gaming Group, Inc. announced that it has successfully completed its offering of $250.0 million in aggregate principal amount of 12.625% senior secured notes due 2014 (the Senior Secured Notes). The Senior Secured Notes were issued at 95.248% of their aggregate principal amount. The net proceeds from the sale of the Senior Secured Notes, together with cash on hand, were used to: purchase all of the Company`s Senior Notes tendered in connection with the Tender Offer and pay accrued and unpaid interest thereon and pay consent fees associated with the Company`s solicitation of consents to certain amendments to the indenture governing the Senior Notes; repay all amounts outstanding under the Company`s existing senior secured credit facility, including accrued and unpaid interest thereon; and pay consent fees associated with the Company`s solicitation of consents to certain amendments to the indenture governing the Company`s 9% Senior Subordinated Notes. The Senior Secured Notes were offered only to qualified institutional buyers under Rule 144A of the Securities Act of 1933, as amended (the Securities Act), and to persons outside the United States pursuant to Regulation S of the Securities Act.
MTR Gaming Group, Inc. Announces Pricing of Senior Secured Notes Offering
MTR Gaming Group, Inc. announced that it has priced its previously announced offering of $250 million in aggregate principal amount of 12.625% senior secured notes due 2014 (the Notes) at an issue price equal to 95.248% of the principal amount of the Notes. The offering is expected to close on or about August 12, 2009. The Company intends to apply the net proceeds of the sale of the Notes, together with cash on hand, to (1) purchase all of the Company's outstanding 9.75% Senior Notes due 2010 tendered in connection with its previously announced tender offer (the "Tender Offer") and consent solicitation ("Senior Note Consent Solicitation") and pay the consent fees in connection with the Senior Note Consent Solicitation, (2) repay all amounts outstanding under the Company's existing senior secured credit facility and (3) pay consent fees in connection with the Company's previously announced solicitation of consents to certain amendments to the indenture governing the Company's 9% Senior Subordinated Notes due 2012 (the Subordinated Note Consent Solicitation). The Senior Note Consent Solicitation and the Subordinated Note Consent Solicitation expired on July 22, 2009 at 5:00 p.m. New York City time. The Tender Offer will expire on August 11, 2009, unless extended or earlier terminated by the Company as described in the Company's Offer to Purchase and Consent Solicitation Statement dated July 15, 2009.
