By Paul A. Harris
St. Louis, Jan. 15 - American Casino & Entertainment Properties LLC priced an upsized $250 million offering of eight-year senior secured notes (B2/B) Thursday at par to yield 7.85%, a market source said.
The issue, which matures Jan. 1, 2012, was increased from a planned $200 million.
Revised price talk was 7 7/8%, in from 8 1/8% area.
Bear Stearns & Co. was the bookrunner on the Rule 144A deal.
Proceeds will be used to fund the acquisition of two casinos in Las Vegas from American Real Estate Partners LP Chairman Carl Icahn.
| Issuer: | American Casino & Entertainment Properties LLC
|
| Amount: | $250 million (increased from $200 million)
|
| Maturity: | Jan. 1, 2012
|
| Security description: | Senior secured notes
|
| Bookrunner: | Bear Stearns & Co.
|
| Coupon: | 7.85%
|
| Price: | Par
|
| Yield: | 7.85%
|
| Spread: | 385 basis points
|
| Call features: | Callable after Jan. 1, 2008 at 103.925, 101.963, par on Jan. 1, 2010 and thereafter
|
| Equity clawback: | Until Jan. 1, 2007 for 35% at 107.85
|
| Pricing date: | Jan. 15
|
| Settlement date: | Jan. 29
|
| Ratings: | Moody's: B2
|
| Standard & Poor's: B
|
| Price talk: | 7 7/8% (revised from 8 1/8% area)
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
