By Paul A. Harris
St. Louis, Nov. 18 - Poster Financial Group Inc. (Golden Nugget) priced an upsized $155 million of senior second lien notes due Dec. 1, 2011 (B2/B) at par, Tuesday, to yield 8 ¾%, according to an informed source.
The deal was increased from $140 million. Price talk was for a yield of 8¾%-9%.
Lehman Brothers ran the books on the Rule 144A transaction.
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.
The company is based in Las Vegas.
| Issuer: | Poster Financial Group (Golden Nugget)
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| Amount: | $155 million (increased from $140 million)
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| Maturity: | Dec. 1, 2011
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| Security description: | Senior second lien notes
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| Bookrunner: | Lehman Brothers
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| Coupon: | 8¾%
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| Price: | Par
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| Yield: | 8¾%
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| Spread: | 490 basis points
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| Call features: | Callable after Dec. 1, 2007 at 104.375, then 102.188, declining to par on Dec. 1, 2009 and thereafter
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| Equity clawback: | Until Dec. 1, 2006 for 35% at 108.75
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| Settlement date: | Dec. 3 (T+10)
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| Ratings: | Moody's: B2
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| Standard & Poor's: B
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| Price talk: | 8¾%-9%
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