SOURCE: The Pokagon Gaming Authority

June 30, 2011 13:09 ET

The Pokagon Gaming Authority Announces the Acceptance and Early Settlement of and Receipt of Consents to Its Tender Offer and Consent Solicitation for Its 10 3/8% Senior Notes Due 2014

DOWAGIAC, MI--(Marketwire - Jun 30, 2011) - The Pokagon Gaming Authority (the "Authority"), a wholly owned unincorporated instrumentality of the Pokagon Band of Potawatomi Indians, a federally-recognized Indian tribe (the "Tribe"), announced today that it received tenders and consents from holders of $203,328,000 in aggregate principal amount, or approximately 71.7%, of the Authority's outstanding 10 3/8% Senior Notes due 2014 (CUSIP Nos. 730857AA7 and U72683AA0) (the "Notes") as of the consent payment deadline, which was 5:00 p.m., New York City time on June 29, 2011.

Today, the Authority accepted for payment all Notes that were validly tendered at or prior to the consent payment deadline. Holders who validly tendered their Notes at or prior to the consent payment deadline received $1,031.25, which included a consent payment of $10.00, for each $1,000 principal amount of Notes validly tendered, plus accrued and unpaid interest thereon to, but not including, today's date.

The number of consents received were sufficient to approve the proposed amendments to the indenture under which the Notes were originally issued (the "Indenture"), and the Tribe, the Authority, the Note guarantors and the trustee under the Indenture entered into a supplemental indenture that eliminates substantially all of the restrictive covenants and certain events of default contained in the Indenture, releases all collateral that had previously secured the Notes and effects certain other amendments to the Indenture.

Additionally, the Authority has issued a notice of redemption in respect of all Notes that were not validly tendered at or prior to the consent payment deadline.

Full details of the terms and conditions of the tender offer are included in the Authority's Offer to Purchase and Consent Solicitation Statement dated June 16, 2011. Holders who tender their Notes after the consent payment deadline and prior to the expiration of the tender offer will not receive the consent payment and will receive only $1,021.25 for each $1,000 principal amount of Notes validly tendered and accepted in the tender offer, plus accrued and unpaid interest on such Notes to, but not including, the payment date. The tender offer is scheduled to expire at 8:00 a.m., New York City time, on July 15, 2011, unless extended or earlier terminated by the Authority in its sole discretion. Any extension, delay, termination or amendment of the tender offer and consent solicitation will be followed as promptly as practicable by a public announcement.

The Authority has retained BofA Merrill Lynch as the dealer manager in connection with the tender offer and as solicitation agent in connection with the consent solicitation. BofA Merrill Lynch can be contacted at (888)292-0070 (U.S. toll free), (980)387-4536 (collect). Holders can request documents from Global Bondholder Services Corporation, the Information Agent, at (866)488-1500 (U.S. toll free) or (212)430-3774 (collect).

This press release is neither an offer to purchase nor a solicitation of an offer to sell the Notes or any other security or a solicitation of consents with respect to the Notes. The tender offer is made only pursuant to the Offer to Purchase and Consent Solicitation Statement dated June 16, 2011. The tender offer is not being made directly or indirectly to any resident or person located in any jurisdiction where the tender offer would be unlawful.

This press release contains "forward-looking statements" based on our current expectations, assumptions, and estimates about us, our plans and our industry. These forward-looking statements involve risks and uncertainties. Words such as "believe," "anticipate," "estimate," "expect," "intend," "plan," "will," "may" and other similar expressions identify forward-looking statements. In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances are forward-looking statements. All statements other than statements of historical facts, including, among others, statements regarding our future financial position, business strategy, projected levels of growth, projected costs and projected financing needs, are forward-looking statements. These forward-looking statements are based on our current expectations, are not guarantees of future performance, are subject to a number of risks, uncertainties, assumptions and other factors, some of which are beyond our control, are difficult to predict and could cause actual results to differ materially from those anticipated in such forward-looking statements. We believe these forward-looking statements are reasonable; however, you should not place undue reliance on any forward-looking statements, which are based on current expectations. Because forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified, you should not rely upon forward-looking statements as predictions of future events. Except as required by applicable law, including the securities laws of the United States, and the rules and regulations of the U.S. Securities and Exchange Commission, we do not plan and assume no obligation to publicly update or revise any forward-looking statements contained herein after the date hereof, whether as a result of any new information, future events or otherwise.

SOURCE Pokagon Gaming Authority

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