Gateway Casinos & Entertainment intends to sell C$220 million second-lien notes via TD

By Paul A. Harris and Sara Rosenberg

Portland, Ore., Nov. 5 - Gateway Casinos & Entertainment Ltd. plans to issue C$220 million of second-priority senior secured notes (Caa1), as part of a newly undertaken debt refinancing effort, according to a market source.

TD Securities Inc. will be the lead underwriter.

Timing on the deal has yet to be announced, an informed source said on Tuesday.

The Burnaby, B.C.-based company is concurrently tendering for C$170 million of its 8 7/8% second-priority senior secured notes due 2017. The early deadline for the tender is Nov. 18.

TD Securities is the dealer manager for the tender.

Gateway operates gaming properties in Burnaby, New Westminster, Langley, Vernon, Kamloops, Kelowna, Penticton, Edmonton and elsewhere.

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