Isle offers shares for Rainbow purchase
by Wally Northway
Published: June 28,2010
ST. LOUIS, Mo. — Isle of Capri Casinos Inc. has commenced an offering of nine million shares of its common stock in an underwritten public offering.
The company intends to grant the underwriters of the offering an option for 30 days to purchase up to 1.35 million additional shares of common stock to cover over-allotments, if any.
Isle of Capri intends to use a portion of the net proceeds from the offering to temporarily repay borrowings outstanding under the revolving line of credit, of which $80 million was incurred to fund the purchase of the Rainbow Casino in Vicksburg, and to use the remaining proceeds for general corporate purposes.
Deutsche Bank Securities and Credit Suisse are acting as the joint book-running managers and Wells Fargo Securities is acting as a joint lead manager. Deutsche Bank Securities and Credit Suisse are acting as the representatives of the underwriters.
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