MTR Gaming Group talks $250 million five-year notes at 13½% to 13¾%

By Paul A. Harris

St. Louis, July 22 - MTR Gaming Group set price talk for its $250 million offering of five-year senior secured notes (expected B2/confirmed B) at 13½% to 13¾% on Wednesday, according to a market source.

The deal is expected to price on Thursday.

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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