Station Casinos $250 million credit facility to launch Wednesday

By Sara Rosenberg

New York, Nov. 3 - Station Casinos Inc. is scheduled to hold a bank meeting on Wednesday for a proposed $250 million credit facility. Bank of America is the lead bank on the deal.

The facility consists of a $150 million seven-year term loan with pricing estimated in the Libor plus 300 to 325 basis points range and a $100 million five-year revolver with initial pricing of Libor plus 250 basis points, according to a market source.

"I think the pricing will probably come in further [on the term loan] to Libor plus 275, based on the nature of the market," the source added.

Proceeds will be used to refinance existing debt and to fund a $110 million expansion of Green Valley Ranch Station.

Construction on the expansion project should begin in the fourth quarter of 2003 and is expected to be complete in the fourth quarter of 2004.

Station Casinos is a Las Vegas gaming and entertainment company.

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