| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers G > Headlines for Golden Nugget LLC > News item |
Fertitta/Golden Nugget adjusts talk on reduced $2.1 billion two-part bond offer; pricing Wednesday
By Paul A. Harris
Portland, Ore., Jan. 12 – Fertitta Entertainment, LLC, formerly known as Golden Nugget, LLC, set final talk in its downsized $2.1 billion two-part offering of high-yield notes, according to market sources.
The deal features a downsized $850 million tranche of seven-year senior secured first-lien notes (B1/B+) talked at 4½% to 4¾%. Formal talk on the secured tranche, which is downsized from $1.85 billion, comes wide to early guidance in the 4½% area but tight to subsequent conversations in the 4¾% area, a trader said.
The downsized $1.25 billion tranche of eight-year senior unsecured notes (Caa2/CCC+) is talked at 6½% to 6¾%, well wide of earlier guidance in the 6¼% area. The unsecured tranche is also downsized from $1.85 billion.
The notes in both tranches come with three years of call protection.
Timing on the deal is accelerated. Books close at noon ET on Wednesday, and the Rule 144A and Regulation S for life deal is set to price and allocate thereafter. The offer had previously been expected to remain in the market until Thursday.
Jefferies LLC, Capital One Securities Inc., Citigroup Global Markets Inc., Citizens Capital Markets Inc., Deutsche Bank Securities Inc., KeyBanc Capital Markets Inc., Morgan Stanley & Co. LLC, Rabo Securities USA Inc. and Truist Securities Inc. are the joint bookrunners.
Following the $1.6 billion reduction of the bond offering, the concurrent term loan was increased to $3.45 billion from $1.85 billion.
The Las Vegas-based entertainment and hospitality company plans to use the proceeds to repay debt and for general corporate purposes.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.