MTR Gaming starts roadshow Thursday for $250 million five-year notes

By Paul A. Harris

St. Louis, July 15 - MTR Gaming Group will begin a roadshow on Thursday for its $250 million offering of five-year senior secured notes (expected ratings B2/B), according to an informed source.

The deal is expected to price during the middle part of next week.

Goldman Sachs & Co. is the left lead bookrunner for the Rule 144A with registration rights/Regulation S offering. Deutsche Bank Securities is joint bookrunner.

The notes come with two years of call protection.

Proceeds, together with cash on hand, will be used to fund the tender for the company's outstanding 9¾% senior secured notes due 2010.

The prospective issuer is a Chester, W.Va.-based gaming company. Through subsidiaries, it owns and operates Mountaineer Casino, Racetrack & Resort in Chester, Presque Isle Downs & Casino in Erie, Pa. and Scioto Downs in Columbus, Ohio.

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