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Published on 2/4/2021 in the Prospect News High Yield Daily.

New Issue: Full House Resorts prices upsized $310 million 8¼% seven-year secured notes at par

By Paul A. Harris

Portland, Ore., Feb. 4 – Full House Resorts, Inc. priced an upsized $310 million issue of seven-year senior secured notes (Caa1/B-) at par to yield 8¼% on a Thursday, according a syndicate source.

The issue size increased from $300 million.

The yield printed 12.5 basis points through yield talk in the 8½% area.

Credit Suisse Securities (USA) LLC was the left lead bookrunner.

The Las Vegas-based owner, developer and manager of gaming facilities plans to use the proceeds plus proceeds from its credit facility to refinance its existing senior notes, to complete the Cripple Creek expansion project and for general corporate purposes, including acquisitions and investments. The additional proceeds resulting from the $10 million upsizing of the deal will be used to add cash to the balance sheet and repurchase warrants.

Issuer:Full House Resorts, Inc.
Amount:$310 million, increased from $300 million
Maturity:Feb. 15, 2028
Securities:Senior secured notes
Left lead bookrunner:Credit Suisse Securities (USA) LLC
Co-managers:Macquarie Capital (USA) Inc., Capital One Securities Inc. and Union Gaming
Coupon:8¼%
Price:Par
Yield:8¼%
Spread:745 bps
First call:Feb. 15, 2024 at 104.125
Trade date:Feb. 4
Settlement date:Feb. 12
Ratings:Moody’s: Caa1
S&P: B-
Distribution:Rule 144A and Regulation S
Price talk:8½% area
Marketing:Roadshow

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