Midwest Gaming to price $750 million eight-year notes on Tuesday; whisper low 5% area

By Paul A. Harris

Portland, Ore., April 12 – Midwest Gaming Borrower, LLC and co-issuer Midwest Gaming Finance Corp. plan to price a $750 million offering of eight-year senior secured notes (expected ratings B3/B+) on Tuesday, according to market sources.

The deal, which was set to kick off on a Monday conference call with investors, is in the market with early guidance in the low 5% area, a trader said.

Wells Fargo Securities LLC is the left bookrunner. BofA Securities Inc., Fifth Third Securities Inc., CIBC World Markets Corp., U.S. Bancorp Investments Inc. and Capital One Securities Inc. are the joint bookrunners.

The Rule 144A and Regulation S for life notes become callable after three years at par plus 50% of the coupon. A special call provision allows the issuer to redeem 10% of the notes annually at 103 during the non-call period.

The Chicago-based gaming company plans to use the proceeds plus a new super priority revolver and cash on hand to repay its existing term loan A, its revolver and holdco debt.

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