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November 1, 2007

Centaur gets OK for funds to expand

By Nancy Lowry

Centaur Inc. yesterday secured international funding to continue to expand its growing gaming operation.

The Indiana-based company, which manages racing and gaming operations in several states and plans to open a harness racetrack/casino in Lawrence County, closed yesterday on a $1 billion package. This deal is said to be one of the largest transactions by a gaming company in Indiana state history.

Partnering with Centaur is MH Equity, the largest private equity fund in Indiana. Credit Suisse, a global investment banking firm, acted as lead arranger and administrative agent. Terms of the deal were not disclosed.

Roderick J. Ratcliff, chairman and chief executive officer of Centaur, said the transaction conveys the quality of Centaur’s projects and the people involved.

More than $400 million of the almost $1 billion package will be used to expand the gaming operation of Hoosier Park in Anderson, Ind. That project is expected to create hundreds of new jobs in the state and has potential for thousands of more, indirect jobs.

About $250 million of the package will cover the licensing fees that will be available for property tax relief in Indiana.

The balance of the proceeds will be invested in Centaur’s other projects which include the track and casino in Lawrence County. This project is pending final gaming license approval.

Stephen C. Hilbert, chief executive office of MH Equity, said for the past 15 years he watched Ratcliff and his team create job opportunities in Indiana. Ratcliff’s projects included Argosy Gaming in Lawrenceburg, Ind., the most successful casino in Indiana, he said.

Ratcliff called MH Equity “Centaur’s strategy for the future.

“In addition to its role as a financing partner in our projects ... they have been and will continue to be important advocates for us as we continue our growth.”

Centaur, a privately-owned Indianapolis-based business, focuses on the economic development benefits of gaming and horse racing.

It has managed gaming operations in several states, including Indiana and Colorado.

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