LAS VEGAS, NV -- (Marketwire) -- 04/26/12 -- Ameristar Casinos, Inc. (NASDAQ: ASCA) today announced that it has completed a private placement of $240 million principal amount of 7.50% Senior Notes due 2021. The notes were issued as additional notes under the existing indenture dated as of April 14, 2011 pursuant to which Ameristar previously issued $800 million principal amount of its 7.50% Senior Notes due 2021. The notes issued in this offering and the previously issued 7.50% Senior Notes due 2021 are treated as a single class of notes under the indenture.
The additional notes were sold at an issue price of 103.000% of the principal amount, resulting in a yield to maturity of 6.879%. Ameristar used substantially all of the net proceeds from the offering to repay all amounts outstanding under the revolving loan tranche of its senior secured credit facility (which amounts may be reborrowed from time to time) and intends to use the remaining proceeds for general corporate purposes.
The notes were sold only to qualified institutional buyers in the U.S. in reliance on Rule 144A under the Securities Act of 1933, and outside the U.S. to non-U.S. persons in reliance on Regulation S under the Securities Act. The notes will not initially be registered under the Securities Act or any state securities law and may not be offered or sold in the United States absent registration or an applicable exemption from registration under the Securities Act and applicable state securities laws. This press release does not constitute an offer to sell any security and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer or sale would be unlawful.
This release contains certain forward-looking information that generally can be identified by the context of the statement or the use of forward-looking terminology, such as "believes," "estimates," "anticipates," "intends," "expects," "plans," "is confident that," "will," "would," "should," "could" or words of similar meaning, with reference to Ameristar or our management. Similarly, statements that describe our future plans, objectives, strategies, financial results or position, operational expectations or goals are forward-looking statements. It is possible that our expectations may not be met due to various factors, many of which are beyond our control, and we therefore cannot give any assurance that such expectations will prove to be correct. For a discussion of relevant factors, risks and uncertainties that could materially affect our future results, attention is directed to "Item 1A. Risk Factors" and "Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations" in our Annual Report on Form 10-K for the year ended December 31, 2011.
Ameristar Casinos is an innovative casino gaming company featuring the newest and most popular slot machines. Our 7,500 dedicated team members pride themselves on delivering consistently friendly and appreciative service to our guests. We continuously strive to increase the loyalty of our guests through the quality of our slot machines, table games, hotel, dining and other leisure offerings. Our eight casino hotel properties primarily serve guests from Colorado, Idaho, Illinois, Indiana, Iowa, Kansas, Louisiana, Mississippi, Missouri, Nebraska and Nevada. We have been a public company since 1993, and our stock is traded on the Nasdaq Global Select Market. We generate more than $1 billion in net revenues annually.
Visit Ameristar Casinos' website at www.ameristar.com (which shall not be deemed to be incorporated in or a part of this news release).
Senior Vice President, Chief Financial Officer
Ameristar Casinos, Inc.