Last $18.00 USD
Change Today -0.10 / -0.55%
Volume 5.4K
TPCA On Other Exchanges
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OTC US
As of 3:58 PM 04/24/14 All times are local (Market data is delayed by at least 15 minutes).

tropicana entertainment inc (TPCA) Key Developments

Tropicana Entertainment Reportedly To Acquire Sands Casino Resort

Tropicana Entertainment Inc. (OTCPK:TPCA) has emerged as the potential buyer for Sands Bethworks Gaming LLC, according to sources familiar with talks. Principals from both companies have declined to comment.

Tropicana Entertainment Inc. Appoints Keith Cozza as Director

On February 18, 2014, the Board of Tropicana Entertainment Inc. increased the number of directors constituting the Board from seven to eight and elected Keith Cozza as a director of the company to fill the vacancy created by the enlargement of the Board. Mr. Cozza has been the President and Chief Executive Officer of Icahn Enterprises L.P.

Tropicana Entertainment Inc. Approves Amendment to its Amended and Restated Bylaws

On February 18, 2014, the Board of Directors of Tropicana Entertainment Inc. approved an amendment to the company's Amended and Restated Bylaws to require that the minimum number of directors that shall constitute the Board shall be five, provided that the number of directors shall be fixed, and may be changed from time to time, by resolution of the Board.

Tropicana Entertainment Inc. Enters into Credit Facility Agreement

Tropicana Entertainment Inc. entered into a senior secured first lien term loan facility in an aggregate principal amount of $300 million and a senior secured first lien revolving credit facility in an aggregate principal amount of $15 million pursuant to that certain Credit Agreement, by and among the Company, the lenders party thereto from time to time, Credit Suisse AG, Cayman Islands Branch, as administrative agent and collateral agent, and Credit Suisse Securities (USA) LLC and UBS Securities LLC as joint book runners and joint lead arrangers. Approximately $172 million of the net proceeds from the New Credit Facilities were used to repay in full the amounts outstanding under the company's existing credit facilities, which consisted of a $175 million senior secured first lien term loan facility and a cash collateralized letter of credit facility in a maximum aggregate amount of $15 million (the Existing Credit Facilities’). The Existing Credit Facilities were terminated effective as of November 27, 2013. A portion of the proceeds from the New Credit Facilities are also intended to be used to finance the company's previously announced pending acquisition of the Lumi re Place Casino and Hotel complex in St. Louis, Missouri (the Lumi re Acquisition’). Completion of the Lumi re Acquisition is subject to various conditions, including, among others, regulatory approvals from the Missouri Gaming Commission and the U.S. Federal Trade Commission. The company can make no assurances that the conditions will be satisfied or that the Lumi re Acquisition will be consummated in a timely manner, if at all. The New Term Loan Facility accrues interest at a per annum rate equal to either, at the company's option (with limited restrictions), the LIBO Rate (as defined in the Credit Agreement) (subject to a 1.00% floor) plus an applicable margin equal to 3.00% per annum, or the alternate base rate (subject to a 2.00% floor) plus an applicable margin equal to 2.00% per annum. The Revolving Facility accrues interest at a per annum rate equalto either, at the company's option (with limited restrictions), the LIBO Rate plus an applicable margin ranging from 2.00% (if the total net leverage ratio is less than 2.50:1.00) to 2.50% (if the total net leverage ratio is greater than or equal to 3.00:1.00); or the alternate base rate plus an applicable margin ranging from 1.00% (if the total net leverage ratio is less than 2.50:1.00) to 1.50% (if the total net leverage ratio is greater than or equal to 3.00:1.00). The interest rate increases by 2.00% following certain defaults. The company must also pay an administrative agent fee of $125,000 per annum. The term loans under the New Term Loan Facility were issued with 0.5% of original issue discount. The company paid a participation fee of 0.5% to lenders with revolving loan commitments.

Tropicana Entertainment, Inc. Enters Agreement to Acquire Lumiere Place Casino and Hotels in St. Louis, Missouri

Tropicana Entertainment Inc. announced that it has entered into an agreement with Pinnacle Entertainment Inc. to acquire Lumiere Place Casino, HoteLumiere, and the Four Seasons Hotel St. Louis (collectively, Lumiere). The transaction is conditioned on the receipt of regulatory approvals from the Federal Trade Commission and the Missouri Gaming Commission, as well as customary closing conditions, and is expected to close in early 2014.

 

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Valuation TPCA Industry Range
Price/Earnings 21.8x
Price/Sales 0.9x
Price/Book 0.8x
Price/Cash Flow 9.0x
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