Centaur, Inc. Closes Financing For Projects
October 31, 2007 -- Indianapolis-based Centaur, Inc. today closed on a $1 billion financing package, one of the largest transactions by a gaming company in the state’s history. The transaction was funded in part by MH Equity, Indiana’s largest private equity fund, with Credit Suisse, a global investment banking firm, acting as Lead Arranger, Sole Bookrunner and Administrative Agent. Terms of the deal were not disclosed.
“We couldn’t be more pleased with our financing package,” said Roderick J. Ratcliff, chairman and CEO of Centaur. “The end result of this deal speaks to the quality of our projects and the people involved in these two Indiana companies. Our success will mean more economic development in Indiana and more jobs for Hoosiers.”
More than $400 million of the nearly $1 billion package will be used locally to add a gaming operation to Hoosier Park in Anderson, Ind. That project is expected to bring hundreds of new jobs to the state, with the potential for thousands more indirect jobs. Of that total, $250 million will cover licensing fees that can then be available for property tax relief and other state needs. The balance of the proceeds will be invested in the company’s other North American operations, including Lawrence County, Penn., where the company plans to build a racetrack and casino from the ground up pending final gaming license approval.
According to Stephen C. Hilbert, CEO of MH Equity, “We are excited about our investment in Centaur Gaming. My wife, Tomisue, and I have known Rod Ratcliff for more than 15 years and have watched as he, along with the Centaur team, worked to create job opportunities for the state of Indiana. In 1993, I worked side by side with Rod to bring Argosy Gaming to Lawrenceburg, Ind., which soon became Indiana’s most successful casino.”
“MH Equity is an essential part of Centaur’s strategy for the future,” Ratcliff said. “In addition to its role as a financing partner in our projects in Indiana, Pennsylvania and Colorado, they have been and will continue to be important advocates for us as we continue our growth.”
Photo by Jim Linscott