Company Press Release: The Sands Regent
December 10, 1999
RENO, NV -- The Sands Regent (Nasdaq: SNDS) yesterday announced the refinancing of its long-term debt on favorable
terms to the Company.
The Company has successfully refinanced and replaced all of its long-term debt with Wells Fargo Bank which was
otherwise maturing in January 2000. The terms of the new debt obligation with Foothill Capital Corporation include
monthly interest-only payments over five years, at a fixed interest rate of 10.75% per annum.
Ferenc B. Szony, President and CEO of The Sands Regent, commented, We are pleased with our refinancing package
and terms. We find the interest rate and general terms to be appropriate and to be beneficial to the Company over
the five-year loan term.
The Sands Regent owns and operates the Sands Regency Casino Hotel in downtown Reno, Nevada. The Sands Regency is
an 850-room hotel and casino with 27,000 square feet of gaming space offering table games, keno, and slot machines.
In addition to complete amenities and on-site brand-name restaurants, the Company's property also includes a 12,000
square foot convention and meeting center which seats close to 1,000 people.
Statements contained in this release, which are not historical facts, are ``forward-looking'' statements as contemplated
by the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks and
uncertainties, which could cause actual results to differ materially from those projected or implied in the forward-looking
statements.
Contact:
David R. Wood, Executive Vice President and Chief Financial Officer of The Sands Regent, 775-348-2210; or Sean
Collins, Vice President of Coffin Communications Group, 818-789-0100.
SOURCE: The Sands Regent