Midwest Gaming talks $175 million six-year notes at 12% area yield

By Paul A. Harris

St. Louis, March 29 - Midwest Gaming Borrower, LLC and Midwest Finance Corp. talked their $175 million offering of six-year senior secured notes at the 12% area on Monday, according to an informed source.

Pricing is set for Wednesday.

Goldman Sachs & Co. is the left lead bookrunner for the Rule 144A for life notes. Credit Suisse is the joint bookrunner.

The notes come with three years of call protection and a 101% poison put.

Credit ratings remain to be determined.

Proceeds will be used to finance the development costs related to the Des Plaines Casino and to fund the interest reserve account.

The issuing entities are financing units of Chicago-based Midwest Gaming & Entertainment, LLC.

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