San Pasqual Casino Development Group, Inc. (the “Company”), a wholly owned, tribally chartered corporation formed under the laws of the San Pasqual Band of Mission Indians (the “Band”), today announced that with regard to its previously announced consent solicitation (as amended and supplemented on July 31, 2008, the “Consent Solicitation”), the Company has received consents from the holders of a majority in aggregate principal amount of the Company’s outstanding 8% Senior Notes due 2013 (the “Notes”) to certain amendments to the indenture governing the Notes. The Consent Solicitation expired at 5:00 p.m., New York City time, on August 7, 2008 (the “Consent Date”).
As of the Consent Date, consents representing $178,465,000 in aggregate principal amount, or approximately 99.15% of the outstanding Notes, had been validly delivered, which constituted the requisite consents.
Upon receipt of the requisite consents, the Company and the indenture trustee executed a supplemental indenture containing the amendments. Holders of Notes that validly delivered, and did not validly revoke, consents prior to execution of the supplemental indenture may no longer revoke such consents. Upon execution of the supplemental indenture, the amendments to the indenture became operative. The amendments are binding on all holders of Notes, including those holders who did not consent to the amendments.
Copies of the documents relating to the Consent Solicitation may be obtained from Global Bondholder Services Corporation at (212) 430-3774 and (866) 389-1500 (toll-free).
Merrill Lynch & Co. acted as the Solicitation Agent for the Consent Solicitation. Questions regarding the Consent Solicitation may be directed to Merrill Lynch & Co. at (888) 654-8637 (toll-free) and (212) 449-4914.
About the Company
The Company is a tribally-chartered corporation formed under the laws of the Band. The Company was chartered by the general council of the Band to oversee and direct the development, financing, construction, operation, maintenance and management of the Valley View Casino and any of the Band’s future gaming operations.
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are subject to known and unknown risks, uncertainties and other factors that could cause actual events or results to differ materially from those currently anticipated. The forward-looking information is based on various factors and was derived using numerous assumptions. In some cases, you can identify these “forward-looking statements” by our use of words such as “anticipate,”“expect,” “propose,”“plan,” “intend,”“designed,” “estimate,”“adjust” or the negative of those words and other comparable words. You should be aware that those statements reflect only our current views with respect to such matters. Actual events or results may differ substantially. The Company undertakes no obligation to publicly update or revise any forward-looking statements in connection with new or future events or otherwise.
Contacts:
Sarah Iantosca,
760-291-5601
