UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): August 27, 1998
Louisiana Casino Cruises, Inc.
- --------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Louisiana 33-73534 72-1196619
- --------------------------------------------------------------------------------
(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification No.)
incorporation)
1717 River Road North, Baton Rouge, Louisiana 70802
- --------------------------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (504) 381-7777
------------------
N/A
- --------------------------------------------------------------------------------
(Former name or former address, if changed since last report)
Page 1 of 3
<PAGE>
Item 5. Other Events.
On July 29, 1998, Louisiana Casino Cruises, Inc., a Louisiana
corporation (the "Company"), commenced an offer to purchase for cash up to
$4,937,500 aggregate principal amount of its 11 1/2% First Mortgage Notes Due
1998 (the "Notes") for 100% of their principal amount plus accrued interest to
but not including the payment date. The offer expired at 5:00 p.m. New York City
time, on August 27, 1998. Of the $43,827,000 aggregate principal amount of Notes
outstanding, no Notes were tendered in the offer.
The offer was made pursuant to the requirements of the Indenture, dated
as of November 15, 1993 (the "Indenture"), between the Company and The Bank of
New York, as successor Trustee. The $4,937,500 aggregate principal amount of
Notes offered to be purchased equaled the amount of the Company's Cumulative
Excess Cash Flow (as defined in the Indenture) for the six-month period ended
May 31, 1998. As required by the Indenture, a portion of the Cumulative Excess
Cash Flow not used to purchase Notes in the offer ($3,875,500) may only be used
for the acquisition of Notes in the open market. The remaining portion
($1,062,000) is considered Cash Available for Reinvestment and is available for
use for the limited purposes provided in the Indenture.
On September 15, 1998, the Louisiana Gaming Control Board approved a
mutually satisfactory resolution to a regulatory inquiry relating to a 1994
stock ownership issue whereby the Company agreed to reimburse the Riverboat
Gaming Enforcement Division of the State Police (the "Division") $50,000,
constituting the Division's costs and expenses of conducting the investigation,
and to pay a fine of $200,000.
The Company also will be expanding its Board of Directors, subject to
the satisfaction of any applicable regulatory requirements, to consist of
Sherwood M. Weiser (Chairman of the Board), W.Peter Temling, Dan S. Meadows,
Thomas L. Meehan and Leon R. Tarver,II. Mr. Weiser is Chairman and Chief
Executive Officer of CRC Holdings, Inc.("CRC"), the owner of 60% of the
Company's common stock. Mr. Meehan is one of the original shareholders of LCCI
and was a prior Director of the Company.
Page 2 of 3
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
LOUISIANA CASINO CRUISES, INC.
Dated: September 21, 1998 By: /s/ W. Peter Temling
------------------------
W. Peter Temling
Chief Financial Officer
Page 3 of 3
