Twin River Worldwide Holdings has released its preliminary Q3 operating results while announcing plans to sell $125 m in aggregate principal amount of 6.750 percent senior unsecured notes due 2027 in a private offering, subject to market conditions.
The new notes will constitute an additional issue of the current 6,750 percent senior notes of Twin River due 2027 and will be issued under the indenture dated May 10, 2019, according to which the company previously issued $400 million in total principal amount of notes due 2027.
The company will have $525 m in aggregate principal amount of notes due 2027 outstanding immediately after giving effect to the planned issuance of new notes. Twin River indicated that it plans to use the net proceeds of the bid for general corporate purposes, which, in addition to financing operations, could include acquisitions and other transactions.
The company told investors that it currently expects combined sales to range from $100 m to $130 m, referring to the Q3 figures, which are preliminary estimates. It is expected that consolidated adjusted EBITDA will range from $30 m to $40 m.
The company added that it expects cash flow to be positive in the third quarter of 2020 (excluding the purchase of Casino KC and Casino Vicksburg), finishing the quarter with liquidity above $360 million, including the availability of its revolving credit facility. Investors should expect the final results of the third quarter to be announced at the end of October or beginning of November 2020.