BRIEF-Poydras Gaming Finance announces purchase of joint venture partner's interest in Aurora A&W joint venture

Fri Aug 12, 2016 9:04am EDT
 
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Aug 12 (Reuters) - Poydras Gaming Finance Corp :

* Overall consideration for transaction consists of a cash payment to A&W of $1.75 million and assumption of approximately $1.6 million of debt

* "Non-dilutive purchase of A&W's interest in A&W JV will contribute immediately to our financial performance"

* Financial impact of acquisition will be seen starting in Q3 2016

* Poydras Gaming Finance Corp announces purchase of joint venture partner's interest in Aurora A&W joint venture

* Post-Acquisition, Poydras will consolidate 100% of results of operations of A&W JV in its financial statements

* Poydras intends to retire assumed debt with a portion of proceeds of its recently announced term loan

* Q4 of 2016 will be first full quarter to realize benefit of consolidation Source text for Eikon: Further company coverage: