By Paul A. Harris
St. Louis, Nov. 8 - The Mashantucket Pequot Tribe priced a $500 million issue of eight-year series A taxable notes (Ba1/BB+) at par to yield 8½% on Thursday, according to a market source.
The yield was printed on the wide end of the 8¼% to 8½% price talk.
Merrill Lynch & Co. and Morgan Stanley are joint bookrunners for the Rule 144A offering. RBS Greenwich Capital and Wells Fargo Securities are co-managers.
The company also priced a $285 million tax exempt bond issue in an investment-grade transaction. Late Thursday the high-yield source was unable to provide any pricing details on the tax-exempt issue.
Proceeds will be used to repay debt, to fund capital expenditures and for general corporate purposes.
The Mashantucket Pequot Tribal Nation owns and operates the Foxwoods gaming facilities in Connecticut.
| Issuer: | The Mashantucket Pequot Tribe
|
| Amount: | $500 million
|
| Maturity: | Nov. 15, 2015
|
| Security description: | Series A taxable notes
|
| Bookrunners: | Merrill Lynch & Co., Morgan Stanley
|
| Co-managers: | RBS Greenwich Capital, Wells Fargo Securities
|
| Coupon: | 8½%
|
| Price: | Par
|
| Yield: | 8½%
|
| Spread: | 435 bps
|
| Call features: | Callable on Nov. 15, 2011 at 104.25, 102.125, par on and after Nov. 15, 2013
|
| Trade date: | Nov. 8
|
| Settlement date: | Nov. 20
|
| Ratings: | Moody's: Ba1
|
| Standard & Poor's: BB+
|
| Distribution: | Rule 144A
|
| Price talk: | 8¼% to 8½%
|
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