Great Canadian Gaming Completes Debt Refinancing

On February 14, 2007, Great Canadian Gaming Corporation (TSX:GCD) completed a refinancing of its corporate indebtedness by establishing a C$200 million revolving credit facility and a US$170 million term loan. Great Canadian also issued US$170 million senior subordinated notes for total aggregate proceeds of approximately C$600 million.

The proceeds from the new credit facilities and the notes will be used to repay the company's bridge loan facilities and to provide for capital programs, working capital and other general corporate purposes.

Lang Michener acted for Great Canadian Gaming on this transaction. Led by Desmond Balakrishnan (general counsel) and John Morrison (banking), the team included Leo Raffin (securities), David Ross (banking), Stacey Handley (real estate), Steve Mathiesen (corporate), James Munro (securities), James Bond (corporate), Christine Mingie (regulatory), Graham Matthews (banking), Shanah Ali (real estate), Peter Botz (tax) and Marnie Foster (corporate) of the Vancouver office; Eric Friedman (corporate) and William Rowlands (real estate) of Toronto.