By Paul A. Harris
Portland, Ore., April 19 - Ameristar Casinos, Inc. priced a $240 million add-on to its 7½% senior notes due April 15, 2021 (B3/B+/) at 103 to yield 6.879% on Thursday, according to an informed source.
The price came on top of price talk.
Wells Fargo Securities, LLC was the left bookrunner for the quick-to-market add-on.
Deutsche Bank Securities Inc., Bank of America Merrill Lynch, J.P. Morgan Securities LLC and Credit Agricole Securities (USA) Inc. were the joint bookrunners.
The Las Vegas-based gaming and entertainment company plans to use the proceeds to repay revolver debt.
The original $800 million issue priced at 99.125 to yield 7 5/8% in March 2011.
| Issuer: | Ameristar Casinos, Inc.
|
| Face amount: | $240 million
|
| Proceeds: | $247.2 million
|
| Maturity: | April 15, 2021
|
| Security description: | Add-on to 7½% senior notes due April 15, 2021
|
| Left bookrunner: | Wells Fargo Securities, LLC
|
| Joint bookrunners: | Deutsche Bank Securities Inc., Bank of America Merrill Lynch,, J.P. Morgan Securities LLC, Credit Agricole Securities (USA) Inc.
|
| Co-manager: | U.S. Bancorp Investments Inc.
|
| Coupon: | 7½%
|
| Price: | 103
|
| Yield: | 6.879%
|
| Spread: | 577 bps
|
| First call: | April 15, 2015 at 105.625 (par plus 75% of coupon)
|
| Trade date: | April 19
|
| Settlement date: | April 26 with accrued interest
|
| Ratings: | Moody's: B3
|
| Standard & Poor's: B+
|
| Distribution: | Rule 144A and Regulation S with registration rights
|
| Price talk: | 103
|
| Marketing: | Quick to market
|
| Original issue: | $800 million issue priced at 99.125 to yield 7 5/8% in March 2011
|
| Total issue size: | $1.04 billion
|
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