S&P keeps 155 East Tropicana on developing watch

Standard & Poor's stated that its ratings on 155 East Tropicana LLC, including the B- corporate credit rating, remain on CreditWatch with developing implications, where they were placed Jan. 22.

The agency said that this CreditWatch update follows the company's announcement that it has revised its previously entered letter of intent to be acquired by an investment group led by NTH Advisory Group LLC (unrated).

Under the terms of the new letter, the buyer has an exclusive right to negotiate the purchase until April 28 from the previous deadline of March 13, S&P noted.

Under the terms of the letter of intent, NTH has offered to purchase all of the outstanding membership interests for a purchase price of $95 million in cash, the payment of certain accrued royalties and 5% of certain future ownership distributions, the agency added.

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