By Paul A. Harris
Portland, Ore., Feb. 26 - Greektown Casino-Hotel priced a $425 million issue of five-year senior secured notes (B3/B-/) at par to yield 8 7/8% on Wednesday, according to a syndicate source.
The yield printed at the tight end of yield talk set in the 9% area.
Jefferies LLC was the left bookrunner.
Credit Suisse Securities (USA) LLC, Goldman Sachs & Co., UBS Securities LLC and Wells Fargo Securities (USA) LLC were the joint bookrunners.
The Detroit-based gaming, lodging and dining company and owner and operator of Greektown Casino-Hotel plans to use the proceeds to refinance debt and for general corporate purposes.
| Issuers: | Greektown Holdings LLC and Greektown Mothership Corp.
|
| Amount: | $425 million
|
| Maturity: | March 15, 2019
|
| Securities: | Senior secured notes
|
| Left bookrunner: | Jefferies LLC
|
| Joint bookrunners: | Credit Suisse Securities (USA) LLC, Goldman Sachs & Co., UBS Securities LLC, Wells Fargo Securities LLC
|
| Coupon: | 8 7/8%
|
| Price: | Par
|
| Yield: | 8 7/8%
|
| First call: | March 15, 2016 at 106.656
|
| Equity clawback: | 35% at 108.875 until March 15, 2016
|
| Trade date: | Feb. 26
|
| Settlement date: | March 14
|
| Ratings: | Moody's: B3
|
| Standard & Poor's: B-
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 9% area
|
| Marketing: | Roadshow
|
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