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ISLE > SEC Filings for ISLE > Form 8-K on 27-Nov-2012All Recent SEC Filings

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Form 8-K for ISLE OF CAPRI CASINOS INC


27-Nov-2012

Entry into a Material Definitive Agreement, Creation of a Direct Financ


Item 1.01. Entry into a Material Definitive Agreement.

On November 21, 2012, Isle of Capri Casinos, Inc. (the "Company") entered into the Third Amendment to Credit Agreement (the "Amendment") among the Company, Wells Fargo Bank, National Association, as Administrative Agent (as successor to Credit Suisse AG, Cayman Islands Branch (f/k/a Credit Suisse, Cayman Islands Branch)), and the other financial institutions listed therein. The Amendment amends the Credit Agreement, dated as of July 26, 2007 (as amended and restated, the "Credit Agreement").

The material terms of the Amendment are as follows:

1. The leverage ratio was amended to provide for greater flexibility for quarters ending after August 1, 2013.

2. The definition of Consolidated EBITDA was amended to (a) give the Company the benefit of pro forma credit for a line of business as well as any entity acquired in a permitted acquisition and (b) permit the annualization of Consolidated EBITDA of "greenfield" operations.

3. The mandatory prepayment provisions were amended to permit the Company and its subsidiaries greater flexibility to incur indebtedness without triggering a mandatory prepayment. The Company and its subsidiaries are now permitted to incur indebtedness without having to make a mandatory prepayment for new subordinated unsecured indebtedness and senior unsecured indebtedness to the extent that the net proceeds are used to make a permitted acquisition.

4. The asset sale limitation was amended to provide for greater flexibility. The $100.0 million basket for permitted asset sales was amended to exclude the value of the assets sales related to the Lake Charles gaming facilities and the asset sales related to the Biloxi gaming facilities.

The foregoing description does not purport to be complete and is qualified in its entirety by reference to the Amendment, a copy of which is filed as Exhibit 10.1 hereto and is incorporated herein by reference.



Item 2.03. Creation of a Direct Financial Obligation or an Obligation Under an Off-Balance Sheet Arrangement of a Registrant.

The information set forth in Item 1.01 is incorporated by reference into this Item 2.03.



Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No.                                Description
10.1          Third Amendment to Credit Agreement, dated as of November 21, 2012,
              among Isle of Capri Casinos, Inc., as borrower, certain subsidiaries
              of Isle of Capri Casinos, Inc., the financial institutions listed
              therein, as lenders, Wells Fargo Bank, National Association, as
              administrative agent (as successor to Credit Suisse AG, Cayman Islands
              Branch (f/k/a Credit Suisse, Cayman Islands Branch)), and the other
              agents referred to therein.


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