The Seminole Tribe of Florida announced it has offered to purchase up to 0 million of outstanding bonds from existing bondholders to save interest payments on the debt. Bondholders who sell their 6.535 percent Gaming Division Bonds Series 2005B by August 4 will receive a premium of per every ,000 in securities.
Moody’s Investors Service recently upgraded the Seminole Tribe’s existing term debt and bonds to Baa2 from Baa3. The ratings agency said the tribe’s stable rating outlook is due to positive demand for gaming in Florida plus little competition.
The tribe is progressing on its $1.8 billion expansion at its Seminole Hard Rock Hotel & Casino Hollywood, including an 800-room, guitar-shaped hotel, several new restaurants and renovations.
