GEYSERVILLE -- River Rock Entertainment Authority, which operates the River Rock Casino, announced today is has completed the restructure of $200 million in debt after obtaining approval from 95 percent of note holders.
The casino will issue new notes on Dec. 21, according to a filing with federal securities regulators. The notes will mature in 2018 and will pay an interest rate of 9 percent and new 8 percent tax-exempt series B senior notes.
The deal will replace $200 million in 9.75 percent of all senior notes, issued in 2003. Those notes came due on Nov. 1 of this year and the casino defaulted. A majority of investors, however, agreed not to pursue foreclosure to let the casino restructure its debt.
River Rock, which is owned by the Dry Creek tribe of Pomo Indians, has remained opened while it restructured. The casino generated $124 million in sales last year, and has roughly 600 employees, over 1,200 slot machines and 20 gaming tables.
