Auction to settle Station Casinos CDSs sets final price at 32

By Angela McDaniels

Tacoma, Wash., March 31 - The final price used to settle credit-default swap transactions referencing Station Casinos, Inc. has been set at 32, according to an announcement from Creditex and Markit.

An auction to settle Station Casinos CDSs was administered by the companies Tuesday under a protocol written by the International Swaps and Derivatives Association, Inc.

Since the beginning of the year, the Las Vegas-based casino company has failed to make interest payments due on its $300 million 6 5/8% senior subordinated notes due 2018, $700 million 6 7/8% senior subordinated notes due 2016, $400 million 7¾% senior notes due 2016 and $450 million 6½% senior subordinated notes due 2014.

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