MTR Gaming Group Repays $11.5 Million of Debt; Enters into Credit Agreement
September 24, 2010 8:32 AM
MTR Gaming Group, Inc. (Nasdaq: MNTG) announced today that it has repaid the total amount of $10.0 million outstanding under its credit agreement with Aladdin Credit Advisors, L.P., as administrative agent, which provides for a $20.0 million senior secured delayed-draw term loan credit facility.
In connection with the repayment, the Company executed an amendment to the credit agreement which, among other things, permits the re-borrowing of the $10.0 million that was repaid, establishes minimum future borrowing amounts and increases prepayment premiums.
Additionally, the Company prepaid approximately $1.5 million of borrowings outstanding under other debt arrangements. After the pay-downs, the Company's total outstanding debt is $377.8 million, net of discounts.
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