Greektown Holdings, L.L.C. Announces Proposed $425 Million Debt Offering - Beckley, Bluefield & Lewisburg News, Weather, Sports

Greektown Holdings, L.L.C. Announces Proposed $425 Million Debt Offering

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SOURCE Greektown Holdings, L.L.C.

DETROIT, Feb. 25, 2014 /PRNewswire/ -- Greektown Holdings, L.L.C. (the "Company") and its wholly owned subsidiary Greektown Mothership Corporation (together with the Company, the "Issuers") announced a proposed issuance of $425 million in aggregate principal amount Second Priority Senior Secured Notes due 2019 (the "Notes") in an offering that is exempt from the registration requirements of the Securities Act of 1933, as amended (the "Securities Act").  The Notes will be guaranteed by certain domestic subsidiaries of the Company.

The Notes and the guarantees will be secured by second priority liens, subject to certain exceptions, on certain of the Company's and guarantors' existing and future assets and will rank junior to the Company's new revolving loan facility with respect to such collateral.

The Issuers intend to use the net proceeds from the offering of the Notes (i) to purchase in a tender offer or redeem any and all of their outstanding 13% Senior Secured notes due 2015, (ii) to repay amounts outstanding under their existing revolving loan facility, (iii) to pay related fees and expenses and (iv) for general corporate purposes.

The Notes and related guarantees are being offered only to qualified institutional buyers in reliance on Rule 144A under the Securities Act, and outside of the United States, to persons other than "U.S. persons" 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 an effective registration statement or an applicable exemption from registration requirements or a transaction not subject to the registration requirements of the Securities Act or any state securities law.

Concurrently with the closing of the offering, the Issuers intend to enter into a new $20.0 million revolving loan facility, which is expected to be unfunded as of the closing of the offering. 

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any security and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offering, solicitation or sale would be unlawful.  This press release is not an offer to buy or a solicitation of an offer to sell the Issuer's Second-Priority Senior Secured Notes.

Safe Harbor Statement

Certain statements in this press release are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and may include, but are not limited to, statements about the Notes and the offering. All forward-looking statements involve risks and uncertainties.  All statements contained herein that are not clearly historical in nature are forward-looking, and words such as "anticipate," "expect," "will," "continue," or other similar words or phrases are generally intended to identify forward-looking statements.  Any forward-looking statement contained herein, in other press releases, written statements or documents filed with the Securities and Exchange Commission are subject to known and unknown risks, uncertainties and contingencies, and there can be no assurance that the expected benefits of the Company's new projects will be realized. Many of these risks, uncertainties and contingencies are beyond the Company's control, and may cause actual results, performance or achievements to differ materially from anticipated results, performance or achievements.  Any forward-looking statements in this release speak only as of the date of this release, and the Company undertakes no obligation to update any forward-looking statement to reflect events or circumstances after that date or to reflect the occurrence of unanticipated events.

About Greektown Holdings, L.L.C.

Greektown Holdings, L.L.C. owns and operates, through its subsidiaries, Greektown Casino-Hotel.  Located in downtown Detroit's historic Greektown Entertainment District, Greektown Casino-Hotel opened in November 2000 as the state's third commercial casino. Greektown Casino-Hotel expanded its gaming floor and developed a modern 400-room, 30-story hotel in February 2009. The urban casino employs 1,800 team members and features 2,850 slot machines, 50 table games, and a poker room, along with three restaurants, a five-outlet food court, two bars and a VIP players' lounge. Greektown Casino-Hotel has also partnered with 14 local restaurants to offer fine dining rewards to guests.  


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