PROVIDENCE, R.I., Feb. 4, 2021 /PRNewswire/ -- Bally's
Corporation (NYSE: BALY) (the "Company") today announced that,
according to information provided by D.F. King & Co., Inc., the
Information and Tabulation Agent, the Company has received the
Requisite Consents (as defined below) in its previously announced
solicitation of consents (the "Consent Solicitation") to amend the
indenture governing its 6.750% Senior Notes due 2027 (the "Notes").
The Consent Solicitation expired on February
3, 2021 as of 5:00pm.,
New York City time (the
"Expiration Time").
The Consent Solicitation was made in accordance with the terms
and subject to the conditions set forth in a Consent Solicitation
Statement dated January 28, 2021 (the
"Consent Solicitation Statement"), to holders of record as of
January 27, 2021 (collectively, the
"Holders").
The amendment (the "Amendment") to the indenture governing the
Notes (the "Indenture") amended the "Incurrence of Indebtedness and
Issuance of Subsidiary Preferred Stock" covenant contained in
Section 4.09 of the Indenture to increase the fixed dollar prong of
the credit facility basket from "$745.0
million" to "975.0 million." Except for the Amendment, all
the existing terms of the Notes remain unchanged. The adoption of
the Amendment required the consent of Holders of at least a
majority in aggregate principal amount of the Notes outstanding as
of the record date (the "Requisite Consents"). As of the record
date, $525 million aggregate
principal amounts of Notes were outstanding.
Holders who validly delivered, and did not validly revoke,
consents prior to the Expiration Time will receive a consent fee of
$10 in cash per $1,000 principal amount of Notes. Holders of
Notes who did not consent prior to the Expiration Time will not
receive the consent fee, but will be bound by the supplemental
indenture that implemented the Amendment.
The Company informed the trustee for the Notes that, on
February 3, 2021, the Requisite
Consents had been delivered, and not revoked, with respect to
approximately 99.58% of the outstanding aggregate principal amount
of the Notes. Accordingly, on February 3,
2021, the Company and U.S. Bank National Association, as
trustee, entered into a fourth supplemental indenture to the
Indenture reflecting the Amendment.
The Company retained Deutsche Bank Securities Inc. to act as
Solicitation Agent in connection with the Consent Solicitation.
Questions about the Consent Solicitation may be directed to
Deutsche Bank Securities Inc. at (855) 287-1922 (toll free) or
(212) 250-7527 (collect). Requests for copies of the Consent
Solicitation Statement and related documents may be obtained by
contacting D.F. King & Co., Inc., the Information and
Tabulation Agent, at (212) 269-5550 (banks and brokers) or (866)
796-7186 (toll free).
This press release is for informational purposes only and is not
an offer to purchase or sell securities, a solicitation of an offer
to purchase or sell securities or a solicitation of consents, and
no recommendation is made as to whether or not Holders of Notes
should consent to the adoption of the Amendment. The Consent
Solicitation is not being made to Holders of Notes in any
jurisdiction in which the making thereof would not be in compliance
with the securities, blue sky or other laws of such
jurisdiction.
About Bally's
Corporation
Bally's Corporation currently
owns and manages 11 casinos across seven states, a horse racetrack
and 13 authorized OTB licenses in Colorado. With more than 5,900 employees, the
Company's operations include 13,260 slot machines, 459 game tables
and 2,941 hotel rooms. Following the completion of pending
acquisitions, which include Tropicana Evansville (Evansville, IN), Jumer's Casino & Hotel
(Rock Island, IL), and MontBleu
Resort Casino & Spa (Lake Tahoe,
NV), as well as the construction of a land-based casino near
the Nittany Mall in State College,
PA, Bally's will own and
manage 15 casinos across 11 states. Its shares trade on the New
York Stock Exchange under the ticker symbol "BALY."
Forward-Looking Statements
This communication contains "forward-looking" statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, Section 21E of the Securities Exchange Act of 1934, as
amended, and the Private Securities Litigation Reform Act of 1995.
All statements, other than historical facts, including future
financial and operating results and the Company's plans,
objectives, expectations and intentions, legal, economic and
regulatory conditions and any assumptions underlying any of the
foregoing, are forward-looking statements. Forward-looking
statements are sometimes identified by words like "may," "will,"
"should," "potential," "intend," "expect," "endeavor," "seek,"
"anticipate," "estimate," "overestimate," "underestimate,"
"believe," "could," "project," "predict," "continue," "target" or
other similar words or expressions. Forward-looking statements are
based upon current plans, estimates and expectations that are
subject to risks, uncertainties and assumptions. Should one or more
of these risks or uncertainties materialize, or should underlying
assumptions prove incorrect, actual results may vary materially
from those indicated or anticipated by such forward-looking
statements. The inclusion of such statements should not be regarded
as a representation that such plans, estimates or expectations will
be achieved. Important factors that could cause actual results to
differ materially from such plans, estimates or expectations
include, among others, (1) uncertainty surrounding the ongoing
COVID-19 pandemic, including uncertainty regarding its extent,
duration and impact, the resulting closure of, and restrictions on,
the Company's properties, costs to comply with any mandated health
requirements associated with the virus and customer responses as
the Company's facilities continue to operate under various
restrictions; (2) the costs, effects and risks involved in the
Company's strategy to expand its business through acquisitions,
construction and other transactions, including the Company's focus
on online and interactive gaming; (3) the effects of competition;
(4) risks associated with increased leverage from the Company's
recently completed and contemplated acquisitions; and (5) other
risk factors as detailed under Part I. Item 1A. "Risk Factors" of
the Company's Annual Report on Form 10-K for the fiscal year ended
December 31, 2019 as filed with the
Securities and Exchange Commission ("SEC") on March 13, 2020 and the Company's Quarterly Report
on Form 10-Q for the fiscal quarter ended September 30, 2020 as filed with the SEC on
November 6, 2020. The foregoing list
of important factors is not exclusive.
Any forward-looking statements speak only as of the date of this
communication. The Company does not undertake any obligation to
update any forward-looking statements, whether as a result of new
information or development, future events or otherwise, except as
required by law. Readers are cautioned not to place undue reliance
on any of these forward-looking statements.
Investor Contact
Steve Capp
Executive Vice President and Chief Financial Officer
401-475-8564
InvestorRelations@twinriver.com
Media Contact
Richard Goldman / David Gill
Kekst CNC
646-847-6102 / 917-842-5384
BallysMediaInquiries@kekstcnc.com
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SOURCE Bally's Corporation