Detroit, MI (PRWEB) March 15, 2017
CCM Merger Inc., the parent company of the owner of MotorCity Casino Hotel (the Company), announced today the results of its previously announced cash tender offer (the Tender Offer) to purchase any and all of the Company’s outstanding 9⅛% Senior Notes due 2019 (the Notes). As of 5:00 p.m., New York City time, on March 14, 2017 (the Expiration Time), $199,981,000 aggregate principal amount of the Notes were validly tendered, or 99.99% of the principal amount of the outstanding Notes. The Company expects to make payment for all such Notes on March 15, 2017, subject to the Company’s successful completion of its previously announced debt financing transaction (the Financing Condition).
The terms and conditions of the Tender Offer are described in the Offer to Purchase dated March 8, 2017 and a related Notice of Guaranteed Delivery (the Offer Documents). BofA Merrill Lynch served as the dealer manager for the Tender Offer. Questions regarding the Tender Offer may be directed to BofA Merrill Lynch at (888) 292-0070 (U.S. toll-free) and (980) 387-2113 (collect). Copies of the Offer Documents may be obtained from the Information Agent for the Tender Offer, D.F. King & Co., Inc. at (800) 331-5963 (U.S. toll-free) and (212) 269-5550 (banks or brokers). These documents are also available at http://www.dfking.com/ccm.
About CCM Merger Inc.
CCM Merger Inc. owns and operates MotorCity Casino Hotel in Detroit, Michigan, through a subsidiary, Detroit Entertainment, L.L.C. The automotive-themed casino caters to the metropolitan Detroit population and is currently comprised of approximately 100,000 square feet of gaming space with 3,287 gaming positions, including approximately 2,839 slot machines, 64 gaming tables and 17 poker tables (as of December 31, 2016). MotorCity Casino Hotel hosts multiple dining options, including the only AAA Four Diamond restaurant in the City of Detroit, and a wide variety of lounges and bars.
This news release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including statements about its ability to complete the proposed tender offer. These statements are based on management’s current expectations and beliefs and are subject to a number of risks, uncertainties and assumptions that could cause actual results to differ materially from those described in the forward-looking statements.