Wells Fargo Gaming Capital Loans Nevada Gold $11 Million
10 Oktober 2011 - 2:00PM
Nevada Gold & Casinos, Inc. (NYSE Amex:UWN), today announced
that the Company reached an agreement with Wells Fargo Gaming
Capital, LLC to refinance $11.0 million of the Company's existing
debt and pay fees associated with the transaction. In addition, its
current senior lender has extended the Company's remaining $4.0
million loan until June 30, 2015.
"We believe that this is a great step in the right direction for
Nevada Gold. The new financing is approximately the same rate as
our previous blended rate and also gives the Company significant
additional financial flexibility," said Robert Sturges, CEO of
Nevada Gold. "We also believe it is very noteworthy that Nevada
Gold has been able to attract the interest of a financial
institution with the stature and credibility of Wells Fargo."
Proceeds of the $11.0 million loan will be used to retire
outstanding amounts under Nevada Gold's existing indebtedness, of
which $4.0 million was due May 12, 2012 and $5.0 million was due
July 23, 2012. The Company will also retire $2.0 million of the
$6.0 million current senior debt that was due June 30, 2013. The
Wells Fargo loan is due three years from the closing date, which
was October 7, 2011.
Rossoff & Company, LLC served as a financial adviser to
Nevada Gold and Casinos on the transaction.
About Nevada Gold
Nevada Gold & Casinos, Inc. (NYSE Amex:UWN) of Houston,
Texas is a developer, owner and operator of 11 gaming facilities in
Colorado and Washington. The following properties are wholly owned
and operated by Nevada Gold: Colorado Grande Casino in Cripple
Creek, Colorado, the Crazy Moose Casinos in Pasco and Mountlake
Terrace, Washington, Coyote Bob's Roadhouse Casino in Kennewick,
Washington, the Silver Dollar Casinos in Seatac, Bothell and
Renton, Washington, the Club Hollywood Casino located in Shoreline,
Washington, the Royal Casino located in Everett, Washington, the
Red Dragon Casino in Mountlake Terrace, Washington and the Golden
Nugget Casino located in Tukwila, Washington. The Company has an
interest in Buena Vista Development Company, LLC which is working
with the Buena Vista Rancheria of Me-Wuk Indians on a Native
American casino project to be developed in the city of Ione,
California. For more information, visit www.nevadagold.com.
The Nevada Gold & Casinos, Inc. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=1552
Forward-Looking Statements
This release contains forward-looking statements, which are made
pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. We use words such as "anticipate,"
"believe," "expect," "future," "intend," "plan," and similar
expressions to identify forward-looking statements. Forward-looking
statements include, without limitation, our ability to increase
income streams, to grow revenue and earnings, and to obtain
additional gaming and other projects. These statements are only
predictions and are subject to certain risks, uncertainties and
assumptions, which are identified and described in the Company's
public filings with the Securities and Exchange Commission.
CONTACT: Nevada Gold & Casinos, Inc.
Robert B. Sturges, CEO or Jim Kohn, CFO
(713) 621-2245
ICR
Don Duffy
(203) 682-8200
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