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Station Casinos skips March 1 interest payment on 6 7/8% senior subordinated notes
By Caroline Salls
Pittsburgh, March 4 - Station Casinos, Inc. elected not to make a scheduled $24.1 million interest payment due March 1 on its $700 million 6 7/8% senior subordinated notes due 2016, according to an 8-K filed with the Securities and Exchange Commission.
The interest payment grace period will expire on March 31.
The company said the March 1 interest payment is covered under the default forbearance secured from its bondholders and senior lenders.
Under the terms of the forbearance, the bondholders and lenders have agreed not to act on specified defaults before April 15.
Station is a Las Vegas-based casino company.
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