Isle of Capri Completes Senior Credit Facility
JULY 30, 2007. 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.
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