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Herbst Gaming $150 million 10-year notes talked to yield 7 1/8% area, to price Friday
By Paul A. Harris
St. Louis, Nov. 4 - Price talk on Herbst Gaming Inc.'s $150 million offering of 10-year senior subordinated notes (B3/B-) is in the 7 1/8% area, according to a market source.
Pricing is expected on Friday.
Lehman Brothers is the bookrunner for the Rule 144A offering.
The notes are non-callable for five years.
Proceeds will be used to help fund the $287 million acquisition of Grace Entertainment's riverboat casino assets in Missouri and Iowa.
Herbst Gaming is a Las Vegas gaming company.
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