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Brief: Elsinore refinances debt

Tuesday, Oct. 6, 1998 | 1:23 a.m.

Morgens, Waterfall gave Elsinore $4.9 million, which the company used to repurchase $3.9 million of the company's 11 1/2 percent first mortgage notes, and $896,000 of the company's 13 1/2 percent second mortgage notes.

Separately, Elsinore issued Morgens, Waterfall 50 million shares of series A convertible preferred company stock. In exchange, Morgens, Waterfall surrendered to Elsinore second mortgage notes bearing a face value of $18 million.

The preferred stock has a liquidation value of $18 million, and can be converted into 93 million shares of Elsinore common stock.

Finally, Elsinore issued Morgens, Waterfall $11.1 million in 12.83 percent second mortgage notes in exchange for the investment firm's surrender of 13 1/2 percent mortgage notes bearing the same face value. Elsinore's outstanding mortgage debt is now $11.1 million.

Elsinore owns the downtown Las Vegas Four Queens hotel-casino, which is managed by a subsidiary of Riviera Holdings Corp. The company emerged from court bankruptcy protection in February, 1997.

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