Chukchansi Economic Development Authority Completes Debt Refinancing; Casino Expansion Plans Set for 2006.COARSEGOLD, Calif. -- The Chukchansi Economic Development Authority (CEDA CEDA Cross Examination Debate Association CEDA Cross-Environment Data Access (SAS) CEDA Community Economic Development Association CEDA Centre for Economic Development and Administration (Nepal) ) successfully completed the refinancing Refinancing An extension and/or increase in amount of existing debt. of its outstanding debt, setting the stage for a proposed expansion of the premier Chukchansi Gold Resort & Casino, located 35 miles north of Fresno and 25 miles south of Yosemite National Park Yosemite National Park (yōsĕm`ĭtē), 761,266 acres (308,205 hectares), E central Calif.; est. 1890 as a result of the efforts of conservationist John Muir. Located in the Sierra Nevada, it is a glacier-scoured area of great beauty; Mt. . CEDA successfully closed the $310 million bond offering through two tranches: $200 million of 8% Senior Notes due in 2013, and $110 million of Floating Rate Senior Notes due in 2012. The Notes were rated BB- by Standard & Poor's and B2 by Moody's. The Picayune Picayune (pĭkəy  n`), city (1990 pop. 10,633), Pearl River co., S Miss., near the Pearl River and the La. line; inc. 1904. Rancheria rancheria (ränchā`rēä), type of communal settlement formerly characteristic of the Yaqui Indians of Sonora, Mexico, and of various small Native American groups of the SW United States, especially in California. of the Chukchansi Indians will use the proceeds from the offering to refinance prior high-interest construction and vendor indebtedness incurred during the construction of Chukchansi Gold Resort & Casino. The proceeds will also provide millions to fund the Casino's expansion in Madera County, which launches in early 2006. Chukchansi Gold Resort & Casino plans to add rooms and a spa facility to its gaming operation, which is expected to provide hundreds of additional jobs to the local economy during construction and after completion the following year. "We were extremely pleased to be welcomed by the investment community as we explained how our Tribe plans to expand into the future," said Joyce Burel, Tribal Chairperson of the Picayune Rancheria of Chukchansi Indians. "We continue to make great progress in becoming financially independent and look forward to an exciting new chapter of development surrounding our Tribe's business." Merrill Lynch Merrill Lynch & Co., Inc. (NYSE: MER TYO: 8675 ), through its subsidiaries and affiliates, provides capital markets services, investment banking and advisory services, wealth management, asset management, insurance, banking and related products and services on a global basis. acted as sole manager of the offering. |
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