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Great Canadian Announces Closing of Offering of Senior Secured Notes by, and Provides Update on Plan of Arrangement with, an Affiliate of Apollo Funds
Great Canadian Announces Closing of Offering of Senior Secured Notes by, and Provides Upd...
About this update from Goldcana Resources Inc.
[{"type":"text","content":"\n \n \n \n Great Canadian Announces Closing of Offering of Senior Secured Notes by, and Provides Update on Plan of Arrangement with, an Affiliate of Apollo Funds\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n TORONTO, ON\n \n ,\n \n June 30, 2021\n \n /CNW/ - Great Canadian Gaming Corporation (TSX: GC) (\"\n \n Great Canadian\n \n \" or the \"\n \n Company\n \n \") today announced the closing of a private offering by Raptor Acquisition Corp. (\"\n \n RAC\n \n \") and an affiliate of RAC of\n \n US$350 million\n \n aggregate principal amount of its 4.875% senior secured notes due 2026 (the \"\n \n Notes\n \n \"), the proceeds of which were placed into and will be held in escrow until the satisfaction of specified conditions precedent, including the satisfaction or waiver of all conditions precedent to the consummation of its previously announced plan of arrangement (the \"\n \n Arrangement\n \n \") under section 288 of the\n \n Business Corporations Act\n \n (\n \n British Columbia\n \n ), pursuant to which RAC, an affiliate of funds managed by affiliates of Apollo Global Management, Inc. (NYSE: APO), will acquire all the issued and outstanding common shares of the Company (the \"\n \n Shares\n \n \") for\n \n C$45.00\n \n in cash per Share. Upon release from escrow, the Company expects that the net proceeds of the offering will be used to partially fund the Arrangement.\n \n \n Great Canadian is also providing an update today with respect to the Arrangement.\n \n \n The Arrangement is subject to obtaining various regulatory approvals and satisfaction of customary closing conditions. Significant progress has been made to-date, including obtaining the following approvals:\n \n \n \n \n Competition Act\n \n \n \n \n Investment Canada Act\n \n \n \n Canadian Pari-Mutuel Agency\n \n \n \n Additionally, Crown corporations and gaming regulators continue to undertake their regulatory approval processes; the Company expects the closing of the Arrangement will stretch into the third quarter of 2021.\n \n \n \"I'm pleased to repor...