By Paul A. Harris
Portland, Ore., April 12 - New Cotai, LLC and New Cotai Capital Corp. priced an upsized $380 million issue of non-rated 10 5/8% six-year senior PIK notes with attached equity interests at par on Friday, according to an informed source.
The coupon printed on top of coupon talk.
The equity interests come to a total of 1,520 class B shares of New Cotai Participation Corp., representing a membership interest of 7.4%, an amount that was upsized from 7%.
Credit Suisse Securities (USA) LLC was the bookrunner.
As reported, affiliates of the company will purchase $140 million of the securities.
The gaming company, which operates in Macau, plans to use the proceeds to partially fund equity commitments to the Macau Studio City project.
| Issuer: | New Cotai, LLC and New Cotai Capital Corp.
|
| Amount: | $380 million, increased from $360 million
|
| Maturity: | May 1, 2019
|
| Securities: | Senior PIK notes with attached equity interests in New Cotai Participation Corp.
|
| Bookrunner: | Credit Suisse Securities (USA) LLC
|
| Cash and PIK coupon: | 10 5/8%
|
| Price: | Par
|
| Yield: | 10 5/8%
|
| First call: | May 1, 2015 at 110.625
|
| Equity clawback: | 35% at 110.625 until May 1, 2015
|
| Trade date: | April 12
|
| Settlement date: | April 19
|
| Rating: | Non-rated
|
| Distribution: | Rule 144A for life
|
| Coupon talk: | 10 5/8% area
|
| Marketing: | Roadshow
|
|
|
| Equity interests
|
| Shares offered: | 1,520 class B shares
|
| Membership interest: | 7.4%, increased from 7%
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
