By Paul A. Harris
St. Louis, March 31 - Midwest Gaming Borrower, LLC and Midwest Finance Corp. priced a $175 million issue of 11 5/8% six-year senior secured notes (Caa1/B/) at 98.941 to yield 11 7/8% on Wednesday, according to a market source.
The yield printed at the tight end of the 12% area price talk.
Goldman Sachs & Co. was the left bookrunner. Credit Suisse was the joint bookrunner.
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.
| Issuers: | Midwest Gaming Borrower, LLC and Midwest Finance Corp.
|
| Face amount: | $175 million
|
| Proceeds: | $173,147,000 (approximate)
|
| Maturity: | April 15, 2016
|
| Securities: | Senior secured notes
|
| Left bookrunner: | Goldman Sachs & Co.
|
| Joint bookrunner: | Credit Suisse
|
| Coupon: | 11 5/8%
|
| Price: | 98.941
|
| Yield: | 11 7/8%
|
| Spread: | 888 bps
|
| Call protection: | Three years
|
| Change-of-control put: | 101%
|
| Trade date: | March 31
|
| Settlement date: | April 9
|
| Ratings: | Moody's: Caa1
|
| Standard & Poor's: B
|
| Distribution: | Rule 144A for life
|
| Price talk: | 12% area
|
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