Full House Resorts Announces Pricing of Senior Secured Notes Offering
February 04, 2021 at 16:35 PM EST
LAS VEGAS, Feb. 04, 2021 (GLOBE NEWSWIRE) -- Full House Resorts, Inc. (Nasdaq: FLL) today announced the pricing of its offering of $310 million in aggregate principal amount of 8.25% senior secured notes due 2028 (the “Notes”) at a price of 100% of the principal amount of the Notes. The Notes are being offered in a private debt offering that is exempt from the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”). The Notes will be senior secured obligations of the Company and will be guaranteed, jointly and severally, by all of its current subsidiaries and future restricted subsidiaries. The offering of the Notes is expected to close on February 12, 2021, subject to satisfaction of customary closing conditions.
The Company intends to use the net proceeds from the offering (i) to redeem all of its outstanding senior secured notes due 2024, which had $106.8 million outstanding as of December 31, 2020, at a redemption price equal to 100.9% plus all accrued and unpaid interest thereunder; (ii) to fund the proposed expansion and redevelopment of the Bronco Billy’s Casino and Hotel in Cripple Creek, Colorado, including designing, developing, constructing and equipping, and opening the proposed expansion and redevelopment; (iii) to pay the transaction fees and expenses related to the offer and sale of the Notes; (iv) to redeem all outstanding warrants for 1,006,568 shares; and (v) for general corporate purposes.
The Notes are being offered and sold only to persons reasonably believed to be qualified institutional buyers in reliance on the exemption from registration provided by Rule 144A under the Securities Act, and in offshore transactions in reliance on Regulation S under the Securities Act. The Notes and related guarantees will not be registered under the Securities Act or any state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.
This press release does not constitute an offer to sell or a solicitation of an offer to buy the Notes, the guarantees or any other securities, nor shall it constitute an offer, solicitation or sale in any jurisdiction in which such an offer, solicitation or sale would be unlawful.
This press release is being issued pursuant to and in accordance with Rule 135c under the Securities Act.
Cautionary Statement Regarding Forward-looking Statements
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