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Global Cash Access tightens talk to 83/4-8 7/8% on $235 million eight-year deal
By Paul A. Harris
St. Louis, March 3 - Price talk on Global Cash Access LLC's $235 million offering of eight-year senior subordinated notes (Caa1/B-) was revised Wednesday to 8¾% to 8 7/8% from the previous 8 7/8% to 9 1/8%, market sources said.
The deal is expected to price on Thursday.
Banc of America Securities is the bookrunner on the Rule 144A offering, which has registration rights.
The notes will come with four years of call protection.
Proceeds will be used to finance M&C's purchase of First Data's 67% equity interest in Global Cash Access.
The company is a Las Vegas-based provider of transaction-processing services and products that dispense cash to casino customers.
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