Isle of Capri Casinos Amends Senior Credit Facility

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Feb 17, 2010, 05:00 ET

ST. LOUIS, Feb. 17 /PRNewswire-FirstCall/ -- Isle of Capri Casinos, Inc. (Nasdaq: ISLE) today announced that the Company has completed the amendment process and entered into an agreement with its lenders to amend its senior credit facility dated July 26, 2007.

The amendment provides the Company with leverage and interest coverage covenant relief through April 30, 2012, and gives the Company the flexibility to issue senior unsecured notes provided the proceeds are applied to pay down the senior credit facility. The Company also agreed to increase the interest rate on both the revolving and term loan portions of the credit facility to LIBOR +3.00% with a LIBOR floor of 2.00%. In addition, the company agreed to reduce the revolving loan commitments by $100.0 million to $375 million.

Dale R. Black, chief financial officer, stated, "The amendment offers us greater operating and financial flexibility and gives us more options moving forward as we seek ways to improve our balance sheet while we investigate and pursue gaming management and other growth opportunities. We thank our lenders for their continued support and confidence in these difficult economic times."

Isle of Capri Casinos, Inc. owns and operates 14 casino properties in six states. Collectively, these properties boast over 15,000 slot machines and nearly 400 table games, over 3,100 hotel rooms and more than three dozen restaurants. The company's properties are in Biloxi, Lula and Natchez, Mississippi; Lake Charles, Louisiana; Bettendorf, Davenport, Marquette and Waterloo, Iowa; Boonville, Caruthersville and Kansas City, Missouri; two casinos in Black Hawk, Colorado; and a casino and harness track in Pompano Beach, Florida. One of the largest publicly-traded gaming companies in the United States, Isle of Capri is traded on the NASDAQ stock exchange under ticker symbol ISLE. More information is available at the Company's website, www.islecorp.com.

Forward-Looking Statements

This press release may be deemed to contain forward-looking statements, which are subject to change. These forward-looking statements may be significantly impacted, either positively or negatively by various factors, including without limitation, licensing, and other regulatory approvals, financing sources, development and construction activities, costs and delays, weather, permits, competition and business conditions in the gaming industry. The forward-looking statements are subject to numerous risks and uncertainties that could cause actual results to differ materially from those expressed in or implied by the statements herein.

Additional information concerning potential factors that could affect the Company's financial condition, results of operations and expansion projects, is included in the filings of the Company with the Securities and Exchange Commission, including, but not limited to, its Form 10-K for the most recently ended fiscal year.

CONTACTS:
For Isle of Capri Casinos, Inc.,
	Dale Black, Chief Financial Officer, 314.813.9327, [email protected]
	Jill Haynes, Senior Director Corporate Communication, 314.813.9368, [email protected]