The Company intends to use the net proceeds of this offering and the term loan to redeem our 7.5% senior subordinated notes due 2015 at a redemption price equal to 103.750% of par, plus accrued and unpaid interest. We intend to send a 15-day conditional redemption notice to the holders of such notes and terminate the tender offer for such notes. The redemption is conditioned upon the closing and receipt of sufficient net proceeds from the offering and term loan to redeem the notes. The Company intends to use a portion of the net proceeds of the term loan to repay all revolving credit borrowings outstanding under its credit facility. The Company expects to redraw revolver borrowings to fund its development projects as construction proceeds. The Company also expects to use the remaining net proceeds from the offering, if any, for general corporate purposes, including funding its development projects such as L'Auberge Baton Rouge.
A registration statement on Form S-3, File No. 333-179890, relating to the notes has been filed with the
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This press release shall not constitute an offer to sell or a solicitation of an offer to buy the new notes nor shall there be any sale of such securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. This press release also shall not constitute a notice of redemption of the Company's 7.5% senior subordinated notes due 2015, and any redemption will be done in accordance with the terms of the indenture governing such notes.
This press release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements included herein, other than statements of historical fact, may constitute forward-looking statements, including statements concerning the proposed offering of the notes and the anticipated use of the net proceeds from such offering. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct. Important factors that could cause actual results to differ materially from the Company's expectations are disclosed in the risk factors contained in the Company's Annual Report on Form 10-K filed with the
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