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HOLLYWOOD, Fla. - 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 offering and an equity contribution from the tribe.
Jim Allen, CEO of Seminole Gaming, said the deal with UK-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 purchase was first announced in December and approved by Rank Group shareholders in January.
Monday's deal does not include Hard Rock's Las Vegas casino, which is owned by Morgans Hotel Group, or Morgans' rights to Hard Rock intellectual property in Australia, Brazil, Israel, Venezuela and many...