Choctaw Resort Development Enterprise Announces Closings of $150,000,000 7 1/4% Senior Notes and $143,750,000 Senior Secured Credit Facility and Repurchase of 9 1/4% Senior Notes.CHOCTAW, Miss. -- Choctaw Resort Development Enterprise (the "Enterprise"), a business enterprise of The Mississippi Band of Choctaw Indians, a federally recognized Indian Tribe INDIAN TRIBE. A separate and distinct community or body of the aboriginal Indian race of men found in the United States. 2. Such a tribe, situated within the boundaries of a state, and exercising the powers of government and, sovereignty, under the national (the "Tribe"), today completed its offering of $150,000,000 aggregate principal amount of 7 1/4% Senior Notes due 2019 and entered into a new $143,750,000 senior secured credit facility. In connection with closing, the Enterprise repurchased over $195,000,000 in aggregate principal amount of its outstanding 9 1/4 % Senior Notes due 2009 which were tendered in its previously announced tender offer. Less than $5,000,000 in aggregate principal amount of its 9 1/4% Senior Notes remain outstanding. The tender offer is scheduled to expire at 12:00 midnight, Eastern time, on November 10, 2004, unless extended or earlier terminated. The repurchase of the 9 1/4% Senior Notes was funded by the net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). from the notes offering and a portion of the borrowings under the Enterprise's new senior secured credit facility. Borrowings under the new senior secured credit facility were also used to repay all outstanding borrowings under the Enterprise's existing credit facility. Company Information The Mississippi Band of Choctaw Indians established the Choctaw Resort Development Enterprise to operate the Silver Star Hotel and Casino and to develop and operate the Golden Moon Hotel and Casino. The Enterprise markets the Silver Star and the Golden Moon, together with related amenities, as the Pearl River Pearl River, uninc. village (1990 pop. 15,314), Rockland co., SE N.Y., near the N.J. line. It is a residential suburb of New York City, and a computer and telecommunications research and development center. Pearl River River, central Mississippi, U. Resort. The Pearl River Resort is located on the Tribe's 35,000-acre reservation situated primarily in east central Mississippi. Forward Looking Statements Certain information included in this release and other materials filed or to be filed by the Enterprise with the Securities and Exchange Commission contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. , within the meaning of Section 21E of the Securities Exchange Act of 1934. Such statements include information relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc plans for future expansion and other business development activities as well as other capital spending capital spending Spending for long-term assets such as factories, equipment, machinery, and buildings that permits the production of more goods and services in future years. , financing sources and the effects of regulation (including gaming and tax regulation) and competition. Such forward-looking information involves important risks and uncertainties that could significantly affect anticipated results in the future and, accordingly, such results may differ from those expressed in any forward-looking statements made by or on behalf of the Enterprise. These risks and uncertainties include, but are not limited to, those relating to development and construction activities, dependence on existing management, leverage and debt service, domestic or global economic conditions, pending litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. , changes in federal tax laws or the administration of such laws and changes in gaming laws or regulations (including the legalization LEGALIZATION. The act of making lawful. 2. By legalization, is also understood the act by which a judge or competent officer authenticates a record, or other matter, in order that the same may be lawfully read in evidence. Vide Authentication. of gaming in certain jurisdictions). |
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