Greektown $185 million eight-year notes talked at 9¾%-10%, to price Monday

By Paul A. Harris

St. Louis, Nov. 17 - Greektown Holdings LLC talked its $185 million offering of eight-year senior notes at 9¾% to 10% on Thursday, according to a syndicate source.

Books close at 2 p.m. ET Monday, and the notes are expected to price thereafter.

Merrill Lynch & Co. is the bookrunner for the Rule 144A with no registration rights offering. Wachovia Securities and NatCity Investments are co-managers.

The notes will come with four years of call protection.

The note sale is subject to final approval by the Michigan Gaming Control Board.

Proceeds will be used to fund the purchase of a minority interest and to fund a tribal distribution.

Moody's Investors Service assigns its B3 rating to the notes. Standard & Poor's rates the notes CCC+.

The Sault Ste. Marie Tribe of Chippewa Indians indirectly owns a substantial majority of the membership interests in Greektown Holdings, LLC. The Tribe also owns and operates five other gaming properties in northern Michigan.

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