Twin River Worldwide Holdings has published its preliminary Q3 operating results while announcing intentions to offer in a private offering, subject to market conditions, $125m in aggregate principal amount of 6.750% senior unsecured notes due 2027.
The new notes would constitute an additional issuance of Twin River’s existing 6.750% senior notes due 2027 and would be issued under the indenture dated as of May 10, 2019, pursuant to which the firm previously issued $400m in aggregate principal amount of notes due 2027.
Immediately after giving effect to the proposed issuance of new notes, the company will have $525m in aggregate principal amount of notes due 2027 outstanding. Twin River said it intends to use the net proceeds of the offering for general corporate purposes, which could include, in addition to funding operations, acquisitions and other transactions.
Turning to the Q3 results, which are preliminary estimates, the company told investors that it currently expects consolidated revenues to range from $100m to $130m. Consolidated adjusted EBITDA, it predicted, will range from $30m to $40m.
The company added that it expects to be cash flow positive for the third quarter of 2020 (excluding the acquisition of Casino KC and Casino Vicksburg), ending the quarter with liquidity in excess of $360m inclusive of availability under its revolving credit facility. Investors can expect final third quarter results to be reported in late October or early November 2020.