East Valley Tourist Development sets price talk for restructured $290 million notes at 9½% area

By Paul A. Harris

St. Louis, July 25 - East Valley Tourist Development Authority set price talk for its restructured $290 million offering of senior secured notes (B+) on Wednesday, according to an informed source.

The company talked a tranche of eight-year fixed-rate notes at the 9½% area, and has withdrawn a planned tranche of seven-year floating-rate notes.

The deal, which is being led by bookrunner Merrill Lynch & Co., is expected to price on Thursday.

The notes, which come with four years of call protection, will be secured with a first lien on revenues and personal property.

Proceeds will be used to fund a native American gaming facility in the Coachella Valley, near Palm Springs, Calif.

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