SANTA FE, N.M., Nov. 14, 2014 /PRNewswire/ -- Buffalo Thunder Development Authority (the "Authority") announced today the extension of the expiration date for its previously announced exchange offer of any and all of its outstanding 9 3/8% Senior Secured Notes due 2014 (the "Existing Notes") and related consent solicitation (the "Exchange Offer and Consent Solicitation"). The Exchange Offer and Consent Solicitation are subject to the terms and conditions set forth in the Confidential Offering Circular and Consent Solicitation Statement, dated October 17, 2014 (the "Offering Circular").
The previously announced expiration date for Existing Notes validly tendered pursuant to the Exchange Offer and Consent Solicitation has been extended to 5:00 p.m., New York City time, on November 19, 2014 (unless further extended or earlier terminated). Existing Notes that are validly tendered prior to such time pursuant to the Exchange Offer and Consent Solicitation and accepted for purchase will be entitled to receive the exchange consideration described in the Offering Circular. As of 5:00 p.m., New York City time, on November 14, 2014, $240,130,000 aggregate principal amount of the Existing Notes, representing 98.01% of the outstanding Existing Notes, had been tendered.
The consents received to date are sufficient to approve the proposed amendments to the indenture relating to the Existing Notes, which amendments would eliminate most of the restrictive covenants and certain other related provisions (including certain events of default) of the indenture or make such covenants less restrictive. As stated in the "Risk Factors" section in Appendix B to the Offering Circular, the Authority does not expect to have sufficient liquidity to repay Existing Notes which mature on December 15, 2014 and that remain outstanding upon completion of the Exchange Offer and Consent Solicitation. In addition, the liquidity of the market for any Existing Notes that remain outstanding after completion of the Exchange Offer and Consent Solicitation may decline as a result of the Exchange Offer and Consent Solicitation. Holders are encouraged to read "Risk Factors" in Appendix B to the Offering Circular.
Aside from the extension of the expiration date, all other terms and conditions of the Exchange Offer and Consent Solicitation remain unchanged.
The Exchange Offer and Consent Solicitation are conditioned upon the satisfaction of certain conditions, including the Authority's receipt from the Office of General Counsel of the National Indian Gaming Commission (the "NIGC") of an advisory opinion finding that none of the documents submitted by the Authority for review to the NIGC is a management contract or violates "sole proprietary interest" rules under applicable federal law.
The information agent and exchange agent is Global Bondholder Services Corporation. Copies of the Offering Circular and related Letter of Transmittal and Consent are available by contacting Global Bondholder Services Corporation at (212) 430-3774 (banks and brokers) and (866)-470-3700 (toll free).
This press release does not constitute an offer to sell or purchase, or the solicitation of an offer to sell or purchase, or the solicitation of tenders or consents with respect to the Existing Notes.
The Exchange Offer and Consent Solicitation for the Existing Notes are only being made pursuant to the Offering Circular and related letter of transmittal and consent that the Authority has caused to be distributed to holders of Existing Notes who have completed an eligibility letter. The Exchange Offer and Consent Solicitation are not being made to holders in any jurisdiction in which the making or acceptance thereof would not be in compliance with the securities, blue sky or other laws of such jurisdiction.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements based on current expectations of the Authority's management. These forward-looking statements include all statements other than those made solely with respect to historical facts and include, but are not limited to, statements regarding, and resulting consequences of, the Exchange Offer and Consent Solicitation. Numerous risks, uncertainties and other factors may cause actual results to differ materially from those expressed in any forward-looking statements. These risks, uncertainties and other factors include, but are not limited to, whether or not the Authority will ultimately consummate the Exchange Offer and Consent Solicitation on the terms currently contemplated by the Offering Circular or otherwise. Many of the factors that will determine the outcome of the subject matter of this press release are beyond the Authority's ability to control or predict. The Authority undertakes no obligation to revise or update any forward-looking statements, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE Buffalo Thunder Development Authority