VANCOUVER, Sept. 8, 2016 /CNW/ - POYDRAS GAMING FINANCE CORP. (TSX‐V: PYD) ("Poydras" or the "Company"), a leading provider of gaming machines to casino operators in its core markets of Oklahoma and Texas, today announced that it has completed the early redemption and cancellation of its 11.0% Convertible Debentures (scheduled to mature on March 31, 2017) (the "Debentures") on September 5, 2016 (the "Redemption Date").
Pursuant to the Company's announcement on August 2, 2016, Debentures in the amount of US$7,732,000 were redeemed and cancelled at a price equal to approximately US$1,020 per US$1,000 principal amount of Debentures which is the aggregate of (i) US$1,000 face value and (ii) all accrued and unpaid interest from June 30, 2016 to September 5, 2016.
"The refinancing of our debt allowed us to retire these debentures early, eliminating any potential dilution of equity from their conversion," said Peter Macy, CEO of Poydras. "I would like to thank our Debenture Holders for their belief in Poydras' potential, as evidenced by their investment."
About Poydras Gaming Finance Corp.
Poydras Gaming is a regional slot route operator with approximately 2,500 revenue-generating gaming machines across 25 casinos in Oklahoma and Texas. The Company provides slot machines and related capital expenditures under short- and long-term contracts for existing casinos, new casino developments and gaming machine suppliers in the United States. Additional information about the Company can be found on the SEDAR website at www.sedar.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Poydras Gaming Finance Corp.
For further information: Keith Richards, Investor Relations, NATIONAL Equicom, T: (416) 848-1599, E: firstname.lastname@example.org; James Kim, VP of Corporate Development, Poydras Gaming Finance Corp., T: (604) 683-8393, E: email@example.com