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Prospect News home > News index > List of issuers H > Headlines for Herbst Gaming, Inc. > News item |
Herbst Gaming $45 million add-on to price late this week via Lehman Brothers
By Paul A. Harris
St. Louis, Jan. 21 - Herbst Gaming Inc. is set to price a $45 million add-on to its 10¾% senior secured notes due 2008 (B) later this week, according to an informed source.
Lehman Brothers is the bookrunner.
The notes are callable on Sept. 1, 2005 at 105.375, one year later at 102.688 and at par on Sept. 1, 2007 and thereafter. The notes contain an equity clawback until Sept. 1, 2004 for 35% at 110.75.
Proceeds from the Rule 144A deal will be used to fund the acquisition of Anchor Coin's slot route and related assets from International Gaming Technology.
The original $170 million issue priced on Aug. 24, 2001.
The issuer is a Las Vegas-based gaming firm.
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