Twin River Worldwide Holdings, Inc. (NYSE: TRWH) today announced that it intends to offer in a private offering, subject to market conditions, $125 million in aggregate principal amount of 6.750% senior unsecured notes due 2027. The New Notes would constitute an additional issuance of Twin River's existing 6.750% senior notes due 2027 and would be issued under the indenture dated as of May 10, 2019, pursuant to which Twin River previously issued $400 million in aggregate principal amount of notes due 2027. Immediately after giving effect to the proposed issuance of New Notes, the Company will have $525 million in aggregate principal amount of notes due 2027 outstanding.
Twin River intends to use the net proceeds of this offering for general corporate purposes, which could include, in addition to funding operations, acquisitions and other transactions.
The offering of the New Notes has not been registered under the Securities Act of 1933 or any other applicable securities laws and the New Notes may not be offered, sold, pledged or otherwise transferred within the United States or to or for the account of any U.S. person, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act or any other applicable securities laws. This press release does not constitute an offer to sell or the solicitation of an offer to buy the New Notes, nor shall there be any sale of the New Notes in any jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
Preliminary Third Quarter Operating Results
The following third quarter operating results are preliminary estimates based on the latest information available and are subject to change as the Company completes its quarterly closing procedures. For the three months ended September 30, 2020, the Company currently expects:
- consolidated revenues will range from $100 million to $130 million; and
- consolidated Adjusted EBITDA will range from $30 million to $40 million.
The Company expects to be cash flow positive for the third quarter of 2020 (excluding the acquisition of Casino KC and Casino Vicksburg), and ended the quarter with liquidity in excess of $360.0 million inclusive of availability under its revolving credit facility. The Company anticipates reporting final third quarter results in late October or early November 2020. While carrying out quarterly closing procedures, the Company may identify items that would require it to make adjustments to the preliminary estimates of its operating results set forth above. As a result, the Company's actual operating results could be outside of the ranges set forth above and such differences could be material.
About Twin River
Twin River owns and manages nine casinos, two in Rhode Island, two in Mississippi, one in Delaware, one in Missouri and three casinos as well as a horse racetrack that has 13 authorized OTB licenses in Colorado. Twin River's properties include Twin River Casino Hotel (Lincoln, RI), Tiverton Casino Hotel Tiverton, RI), Hard Rock Hotel & Casino (Biloxi, MS), Casino Vicksburg (formerly Lady Luck Casino Vicksburg in Vicksburg, MS), Dover Downs Hotel & Casino (Dover, DE), Casino KC (formerly Isle of Capri Casino in Kansas City, MO), Golden Gates Casino (Black Hawk, CO), Golden Gulch Casino (Black Hawk, CO), Mardi Gras Casino (Black Hawk, CO), and Arapahoe Park racetrack (Aurora, CO). Twin River's casinos range in size from 603 slots and 8 electronic table games to properties with over 4,100 slots, approximately 111 table games, and 36 stadium gaming positions, along with hotel and resort amenities.
