Greektown Casinos talks $425 million five-year secured notes to yield in 9% area

By Paul A. Harris

Portland, Ore., Feb. 25 - Greektown Holdings LLC and Greektown Mothership Corp. talked a $425 million offering of five-year senior secured notes to price with a yield in the 9% area, a syndicate source said on Tuesday.

Books close at 9:30 a.m. ET on Wednesday, and the deal is expected to price on Wednesday afternoon.

Jefferies LLC is the left bookrunner for the Rule 144A and Regulation S for life offering. Credit Suisse Securities (USA) LLC, Goldman Sachs & Co., UBS Investment Bank and Wells Fargo Securities (USA) LLC are the joint bookrunners.

The notes will become callable after two years at par plus 75% of the coupon.

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.

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