Horseshoe Gaming issues $600 mil. in notes

Horseshoe Gaming Holding Corp. of Las Vegas said it completed a private placement of $600.0 million of its 8 5/8 percent senior subordinated notes due 2009 to qualified institutional buyers and investors outside the United States.

The notes were sold at a price of 99.635 percent of their principal amount, resulting in gross proceeds of $597.81 million

The net proceeds will be used to repay debt of Horseshoe Gaming, L.L.C., a subsidiary of Horseshoe Gaming Holding Corp., to fund a portion of Horseshoe Gaming Holding Corp.'s proposed acquisition of the operating subsidiaries of Empress Entertainment Inc., and to pay related fees and expenses and for general corporate purposes.

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