From a press release:
Sugarhouse HSP Gaming, L.P. announced today that its parent company, Sugarhouse HSP Gaming Prop. Mezz, L.P. (the “Issuer”), and one of the Issuer’s subsidiaries, Sugarhouse HSP Gaming Finance Corp. (together, “Sugarhouse”), have successfully closed their offering of $235 million in aggregate principal amount of 8.625% senior secured notes due 2016 (the “Notes”). Sugarhouse intends to use the net proceeds of the offering to refinance a portion of its existing indebtedness.
“The new Notes significantly reduce our interest expense and give us greater flexibility to better manage our business,” said Greg Carlin, CEO of SugarHouse Casino.
The Notes are senior secured obligations of Sugarhouse and are guaranteed on a senior secured basis by Sugarhouse HSP Gaming, L.P. and the other subsidiaries of the Issuer, except for Sugarhouse HSP Gaming Finance Corp., which is serving as co-issuer of the notes. The Notes and the related guarantees were offered in the United States to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”), and outside the United States pursuant to Regulation S under the Securities Act. The Notes and the related guarantees have not been and will not be registered under the Securities Act and were not offered or sold in the United States absent registration or an applicable exemption from the registration requirements.