Seminole Tribe of Florida talks $330 million seven-year notes with 7¾%-8% yield

By Paul A. Harris

St. Louis, Nov. 2 - Seminole Tribe of Florida talked its $330 million split-rated offering of first-lien Gaming Division Bonds, series 2010, due 2017 (Ba1/BBB-/BB+) with a 7¾% to 8% yield on Tuesday, according to an informed source.

Meanwhile the first call premium was increased to 75% of the coupon from 50%. Call protection remains at three years.

Pricing is expected on Wednesday.

Bank of America Merrill Lynch has the books for the Rule 144A for life deal.

The notes are secured with a first lien on gaming revenues of Seminole Gaming Division's six properties.

Proceeds will be used to fund capital expenditures and for tribal uses.

The Hollywood, Fla.-based tribal gaming company operates six casinos in that state.

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