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River Rock Casino completes $200 million debt deal

River Rock Casino has completed its restructuring of $200 million in debt, after getting approval from 95 percent of bondholders.

Terms became effective Tuesday and River Rock will issue the new notes Dec. 21, it said in a filing with federal securities regulators Wednesday.

They'll replace $200 million in 9.75 percent senior notes that River Rock issued in 2003. The casino defaulted when they came due Nov. 1.

A majority of investors agreed not to pursue foreclosure while River Rock restructured.

The new notes pay 9 percent interest and mature in 2018.

The casino in Alexander Valley is owned by the Dry Creek tribe of Pomo Indians. It has remained open during the debt restructuring.

The gaming business last month reported $31.3 million in sales for the quarter ended Sept. 30, up nearly 4 percent from the same period a year ago.

River Rock has about 600 employees, more than 1,200 slot machines and about 20 gaming tables. It generated $124 million in sales last year.


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