Seminole Tribe Completes Hard Rock Purchase

HOLLYWOOD, FL— The Seminole Tribe of Florida completed its $965-million purchase of the Hard Rock cafes, hotels, casinos and music memorabilia from the Rank Group PLC on Monday through a combination of a bond offerings and an equity contribution from the tribe. Jim Allen, CEO of Seminole Gaming, said the deal with United Kingdom-based Rank Group for Hard Rock International was composed of a $525 million bond offering and a $500 million equity contribution. The additional $35 million was for closing costs and working capital, Allen said. The deal was completed after details were worked out in London, New York and Florida. It marks the tribes entry in the worldwide hospitality industry and gives the tribes gaming operations a foothold in states where gambling is legal. The purchase was first announced in December and approved by Rank Group shareholders in January.