Graton talks $450 million seven-year secured notes with 9¾% area yield

By Paul A. Harris

Portland, Ore., Aug. 13 - Graton Resort & Casino talked its $450 million offering of seven-year senior secured notes with a yield in the 9¾% area, market sources said on Monday.

The deal is set to price on Tuesday morning.

Bank of America Merrill Lynch, Wells Fargo Securities LLC, Deutsche Bank Securities Inc. and Credit Suisse Securities (USA) LLC are the joint bookrunners.

Jefferies & Co. is the co-lead manager. Citigroup Global Markets Inc. is the co-manager.

The Rule 144A for life notes become callable in three years at par plus 75% of the coupon and feature a 101% poison put.

Credit ratings remain to be determined.

The issuing entity is the Graton Economic Development Authority, a wholly owned, unincorporated governmental instrumentality of the Federated Indians of Graton Rancheria, a federally recognized Indian tribe.

The tribe plans to develop and operate a casino and entertainment facility located in Sonoma County, Calif.

Proceeds, together with borrowings under the authority's term loan, will be used to fund the costs associated with designing, developing, constructing and opening the casino, and to repay certain debt owed to the developer.

© 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.