Station Casinos sets Tuesday launch for $500 million revolver

By Sara Rosenberg

New York, July 6 - Station Casinos Inc. has scheduled a bank meeting for Tuesday to launch its proposed $500 million six-year senior secured revolving credit facility (Ba2), according to a market source.

Deutsche Bank and JPMorgan are joint lead arrangers and joint bookrunners on the deal, with Deutsche the administrative agent and JPMorgan the syndication agent.

Proceeds will be used to help fund the buyout of the company by Fertitta Colony Partners LLC for $90.00 per share in cash.

The total value of the transaction is about $8.8 billion, including the assumption or repayment of about $3.4 billion of debt.

Fertitta is a new company formed by Frank J. Fertitta III, chairman and chief executive officer of Station, Lorenzo J. Fertitta, vice chairman and president of Station, and Colony Capital Acquisitions, LLC.

For other buyout financing, the company has received commitments for a $2.725 billion first-lien mortgage loan from German American Capital Corp., Deutsche and JPMorgan, and an equity commitment.

Station Casinos is a Las Vegas-based gaming and entertainment company.

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