Poster Financial upsizes eight-year notes to $155 million, price talk 8¾%-9%

By Paul A. Harris

St. Louis, Nov. 17 - Price talk of 8¾%-9% emerged Monday on Poster Financial Group's upsized offering of $155 million of eight-year notes (B2/B), according to an informed source.

Pricing is expected midday Tuesday.

The deal was increased from $140 million.

Lehman Brothers is the bookrunner on the Rule 144A transaction.

The notes will be non-callable for three years and will contain a three-year equity clawback for 35%.

Part of the proceeds, along with $15 million in seller notes and $50 million in cash equity, will be used to fund Poster Financial Group's acquisition of Golden Nugget properties.

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