River Rock moves to fund expansion
- River Rock Casino's tribal gaming authority is offering to purchase $30 million of its senior debt, giving the gaming business more flexibility to finance a $300 million expansion project.
River Rock, which is owned by the Dry Creek Pomo tribe, issued $200 million in senior notes at 9.75 percent in 2003. Under the tender offer announced Thursday, it will pay a premium of up to $51.25 for each $1,000 of note principal.
River Rock plans to raise $85 million from cash on hand, a new term loan and other debt to help pay for the first stage of its expansion, which includes a permanent casino and resort hotel.
The casino in Alexander Valley has 1,600 slot and video poker machines, table games and a restaurant.
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