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Snoqualmie Entertainment talks $320 million two-part note offering
By Paul A. Harris
St. Louis, Jan. 22 - Snoqualmie Entertainment Authority circulated price talk on its $320 million two-part offering of senior notes (B3B) on Monday, according to a market source.
The tribal gaming company, which is based in western Washington state, talked a $120 million tranche of seven-year floating-rate notes at Libor plus 375 to 400 basis points. The floating-rate notes come with two years of call protection.
In addition the company talked a $200 million tranche of eight-year fixed-rate notes at the 9¼% area. The fixed-rate notes come with four years of call protection.
Bear Stearns & Co. has the books. Guggenheim Capital Markets it the co-manager.
Proceeds will be used to develop a casino project in the Seattle area.
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