Great Canadian Gaming Completes Debt Refinancing

On February 14, 2007 Great Canadian Gaming Corporation completed a refinancing of its corporate indebtedness by establishing a $200 million revolving credit facility and a US$170 million term loan with a syndicate of lenders led by The Toronto-Dominion Bank as administrative agent. TD Securities acted as joint lead arranger and joint book runner in respect of the revolving credit facility and term loan. Goldman Sachs Canada Credit Partners Co. acted as joint lead arranger, joint book runner and syndication agent in respect of the term loan and as documentation agent in respect of the revolving credit facility. HSBC Bank Canada acted as syndication agent in respect of the revolving credit facility and HSBC Securities (USA) Inc. acted as documentation agent in respect of the term loan. Great Canadian also issued US$170 million senior subordinated notes for total aggregate proceeds of approximately $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 LLP acted for Great Canadian Gaming. 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.

Osler, Hoskin & Harcourt LLP acted as Canadian counsel to Goldman Sachs Credit Partners L.P. with a team that included Michael Hart (banking and finance), Desmond Lee (corporate securities) and Greg Wylie (tax). White & Case LLP were US counsel to Goldman Sachs Credit Partners L.P. with a team from New York including Gary Kashar, John May, Logan Hennessey, Lindsay Shorr, Jennifer Poon and Barry Schachter.

McCarthy Tétrault LLP acted for The Toronto-Dominion Bank, Goldman Sachs Canada Credit Partners Co. and HSBC Bank Canada on this transaction with a team led by Richard Higa and Jill Pereira, including Gwendolyn Watson, Ormonde Benson and Jessica Beverley.