Dealers talk re-marketed Global Cash 10% notes due 2022 with 12% area yield at about 91

By Paul A. Harris

Portland, Ore., April 29 – Dealers are talking the re-market sale of Global Cash Access Inc.’s $350 million of 10% senior notes due Jan. 1, 2022 (Caa1/CCC+) with a yield in the 12% area, at a discount to par of approximately 9 points, according to an informed source.

Yield talk comes on top of initial guidance.

Books are scheduled to close at 4:30 p.m. ET on Wednesday, and the Rule 144A and with registration rights deal is set to price Thursday.

The original issue priced at 98.921 to yield 10.21% on Dec. 18, 2014.

BofA Merrill Lynch is the left bookrunner for the re-marketing effort. Deutsche Bank Securities Inc. is the joint bookrunner.

The notes become callable after Jan. 15, 2018 at 107.5 and feature a 35% equity clawback until Jan. 15, 2018 and a 101% poison put.

The company will not receive proceeds from the re-marketing. Proceeds from the initial transaction were used to fund the acquisition of Multimedia Games Holding Co. Inc.

Global Cash is a Las Vegas-based provider of fully integrated cash access solutions and related services to the gaming industry.

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