LINCOLN, R.I., May 3, 2019 /PRNewswire/ -- Twin River Worldwide
Holdings, Inc. (NYSE: TRWH) ("Twin River") announced today that it
has priced $400 million in aggregate
principal amount of 6.75% senior unsecured notes due 2027 (the
"Notes"). The Notes are being offered (the "Offering") and sold
only to persons reasonably believed to be qualified institutional
buyers in reliance on Rule 144A under the Securities Act of 1933,
as amended (the "Securities Act"), and to certain non‐U.S. persons
in transactions outside the United
States in reliance on Regulation S under the Securities Act.
The Offering is expected to close on May 10,
2019, subject to customary closing conditions and Twin River
entering into a new bank credit facility, which includes a
$300 million term loan due 2026 and
an undrawn $250 million revolving
credit facility.
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Twin River intends to use the net proceeds of the Offering,
together with the proceeds from the new term loan, to repay
borrowings under its existing bank credit facility, which had
$421.2 million outstanding as of
March 31, 2019, and for general
corporate purposes, which could include, in addition to funding
operations, repurchases of its common stock, acquisitions and other
transactions.
The issuance and sale of the Notes have not been registered
under the Securities Act or any other applicable securities laws
and the Notes may not be offered, sold, pledged or otherwise
transferred within the United
States or to or for the account of any U.S. person, except
pursuant to an exemption from, or in a transaction not subject to,
the registration requirements of the Securities Act or any other
applicable securities laws. This press release does not constitute
an offer to sell or the solicitation of an offer to buy the Notes,
nor shall there be any sale of the Notes in any jurisdiction in
which such an offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of any
such jurisdiction.
About Twin River
Twin River owns and manages two casinos in Rhode Island, one in Delaware and one in Mississippi, as well as a Colorado horse race track that possesses 13
OTB licenses. Twin River's properties include Twin River Casino
Hotel (Lincoln, RI), Hard Rock
Hotel & Casino (Biloxi, MS),
Tiverton Casino Hotel (Tiverton,
RI), Dover Downs (Dover,
DE) and Arapahoe Park (Aurora,
CO). Twin River's casinos range in size from 1,000 slots and
32 table games facilities to properties with over 4,100 slots and
approximately 125 table games, along with hotel and resort
amenities. Twin River's headquarters are located at 100 Twin
River Road, Lincoln, RI
02865. For more information, visit
www.twinriverwwholdings.com.
Forward Looking Statements
The statements in this press release that are not historical
facts are forward-looking statements. Forward-looking statements
involve risks and uncertainties that could cause the stated or
expected results to be materially different from those anticipated.
These risk and uncertainties include, among others, Twin River's
ability to close the Offering and the concurrent entry into the new
term loan and revolving credit facility. For further
discussion of factors that could materially affect the outcome of
forward-looking statements and other risks and uncertainties, see
"Risk Factors" in Twin River's Annual Report on Form 10‐K for the
fiscal year ended December 31, 2018.
Unless required by law, Twin River expressly disclaims any
obligation to update or revise any of these forward-looking
statements, whether because of future events, new information, a
change in its views or expectations, to conform them to actual
results or otherwise. You are cautioned not to place undue reliance
on these forward-looking statements.
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SOURCE Twin River Worldwide Holdings, Inc.