Sun International Announces Successful Completion of Consent Solicitation

22nd May 2002

PARADISE ISLAND, The Bahamas, May 21, 2002 (BUSINESS WIRE)—Sun International Hotels Limited (NYSE:SIH) (the “Company”) and its wholly owned subsidiary Sun International North America, Inc. (“SINA”) announced today that as of 5:00 p.m., New York City on May 20, 2002 (the “Consent Date”), they had received the tenders and consents required to eliminate or modify certain covenants and related provisions in the indenture governing their outstanding 9% Senior Subordinated Notes due 2007 (the “Notes”). As of the Consent Date, approximately 93% of the $200 million aggregate principal amount outstanding of the Notes were received and accepted for payment by the Company and SINA.
The Company will pay the total consideration of $1,045.00 per $1,000 aggregate principal amount of Notes validly tendered on or prior to the Consent Date by delivery to the depositary today. Furthermore, the Company, SINA and the trustee have executed a supplemental indenture containing certain amendments to the indenture, as described in the Offer to Purchase and Consent Solicitation Statement dated May 8, 2002. The Company is using the proceeds of a new offering of senior subordinated notes that closed on Monday, May 20, 2002 to repay the tendered Notes.
Holders of Notes can still tender their Notes in the tender offer until 12:00 midnight on Wednesday, June 5, 2002 (the “Expiration Date”). Holders who validly tender their Notes after the Consent Date and on or prior to the Expiration Date are entitled to receive $1,025.00 per $1,000 aggregate principal amount of Notes validly tendered, which represents the total consideration less the consent payment.

In addition, the Company and SINA have confirmed that they intend to call for redemption any Notes not tendered in the tender offer at a redemption price of $1,045 per $1,000 aggregate principal amount of Notes, which is the applicable redemption price set forth in the indenture. This press release does not constitute a call for redemption, which may be made at a later date in accordance with the indenture.

Copies of the tender offer and consent solicitation documents can be obtained by contacting D. F. King & Co., Inc., the Tabulation Agent and Information Agent for the consent solicitation, at 800-848-3416 (toll free) and 212-269-5550 (extension 6832).

Bear, Stearns & Co. Inc. is acting as Dealer Manager for the tender offer and Solicitation Agent for the consent solicitation. Questions concerning the tender offer and consent solicitation may be directed to Bear, Stearns & Co. Inc., Global Liability Management Group, at 877.696.2327 (toll free).

This press release is not an offer to purchase nor a solicitation of acceptance of the offer to purchase, which may be made only pursuant to the terms of the Offer to Purchase and related Letter of Transmittal and Consent. The consent solicitation is being made solely by the Offer to Purchase and Consent Solicitation Statement dated May 8, 2002, and related documents (as may be amended from time to time), and those documents should be consulted for additional information regarding delivery procedures and the conditions of the tender offer and consent solicitation. This press release shall not constitute a notice of redemption of the notes.


Sun International Hotels Limited is a leading developer and operator of premier casinos, resorts and luxury hotels. Our flagship destination is Atlantis, a 2,317-room, ocean-themed resort located on Paradise Island, The Bahamas. Atlantis is a unique destination casino resort featuring three interconnected hotel towers built around a 7-acre lagoon and a 34-acre marine environment that includes the world`s largest open-air marine habitat. We also developed and receive certain revenue from the Mohegan Sun casino in Uncasville, Connecticut. The Native American-themed Mohegan Sun is one of the premier casino gaming properties in the Northeast. In our luxury resort hotel business, we operate eight beach resorts in Mauritius, Dubai, the Maldives and The Bahamas.



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