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Little Traverse Bay Bands $195 million eight-year note offering postponed
By Paul Deckelman
New York, Nov. 3 - The Little Traverse Bay Bands of Odawa Indians' planned $195 million issue of eight-year senior notes was heard to have been postponed due to market conditions, high-yield primary market sources said Thursday, thus becoming the latest of several deals that have recently been pulled off the table.
The Native American tribe, which owns and operates the Victories Casino and the nearby Victories Hotel in the lakefront city of Petoskey, Mich., located in the northern part of the state, had been planning to use proceeds from the bond deal to fund costs associated with the new gaming facility, to refinance existing gaming business debt and to fund a reserve for four interest payments.
The decision to postpone the offering came after a roadshow marketing campaign that had begun on Oct. 25; pricing had been expected to take place on Wednesday or Thursday.
Price talk had emerged earlier in the week anticipating a yield in the 10% area.
The Rule 144A issue, which would have been sold with no registration rights and which would have been non-callable for the first four years after issue, was to have been brought to market via Banc of America Securities LLC.
The bonds would have carried a B3 rating from Moody's Investors Service and a B rating from Standard & Poor's.
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