Seneca Gaming upsizes to $300 million, price talk 7¼%-7½% on eight-year notes

By Paul A. Harris

St. Louis, April 28 - Price talk is 7¼% to 7½% on an upsized $300 million offering of eight-year senior notes (B2/BB-) from Seneca Gaming Corp., a syndicate source said.

The deal, which was upsized from $225 million, is expected to price on Thursday afternoon.

Merrill Lynch & Co. and Banc of America Securities are joint bookrunners on the Rule 144A offering. Wells Fargo Capital is the co-manager.

The notes will come with four years of call protection.

Proceeds will be used to fund construction of a new hotel, for land acquisition, for acquisition and refurbishment of an existing hotel, and to repay debt and fund a dividend payment.

The issuer is a Western New York tribal gaming company.

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