New Issue: Seminole Hard Rock prices $350 million eight-year notes at par to yield 5 7/8%

By Paul A. Harris

Portland, Ore., May 8 - Seminole Hard Rock Entertainment, Inc. and Seminole Hard Rock International, LLC priced a $350 million issue of eight-year senior notes (B2/BB-/) at par to yield 5 7/8% on Wednesday, according to a syndicate source.

BofA Merrill Lynch and Credit Suisse Securities (USA) LLC were the joint bookrunners.

The gaming and lodging properties operator plans to use the proceeds, together with proceeds from its term loan, to purchase, redeem or otherwise acquire all existing floating-rate senior secured notes due 2014, to make investments and acquisitions and for general corporate purposes.

Issuers:	Seminole Hard Rock Entertainment, Inc. and Seminole Hard Rock International, LLC
Amount:	$350 million
Maturity:	May 15, 2021
Securities:	Senior notes
Bookrunners:	BofA Merrill Lynch, Credit Suisse Securities (USA) LLC
Coupon:	5 7/8%
Price:	Par
Yield:	5 7/8%
Spread:	450 bps
First call:	May 15, 2016 at 104.406
Equity clawback:	35% at 105.875 until May 15, 2016
Change-of-control put:	101%
Trade date:	May 8
Settlement date:	May 14
Ratings:	Moody's: B2
	Standard & Poor's: BB-
Distribution:	Rule 144A and Regulation S for life
Marketing:	Roadshow

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