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
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| Left lead bookrunner: | Credit Suisse Securities (USA) LLC
|
| Co-managers: | Macquarie Capital (USA) Inc., Capital One Securities Inc. and Union Gaming
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| Coupon: | 8¼%
|
| Price: | Par
|
| Yield: | 8¼%
|
| Spread: | 745 bps
|
| First call: | Feb. 15, 2024 at 104.125
|
| Trade date: | Feb. 4
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| Settlement date: | Feb. 12
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| Ratings: | Moody’s: Caa1
|
| S&P: B-
|
| Distribution: | Rule 144A and Regulation S
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| Price talk: | 8½% area
|
| Marketing: | Roadshow
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