Station Casinos launches $1.32 billion term B at SOFR plus 250 bps

By Sara Rosenberg

New York, March 4 – Station Casinos LLC (Red Rock Resorts) was scheduled to hold a lender call at 12:30 p.m. ET on Monday to launch a $1.32 billion term loan B due 2031 (BB+) that is talked at SOFR plus 250 basis points with a 0% floor and an original issue discount of 99 to 99.5, according to a market source.

The term loan has 101 soft call protection for six months, the source said.

JPMorgan Chase Bank is the left lead on the deal. Deutsche Bank Securities Inc. is the administrative agent.

Commitments are due at 5 p.m. ET on Thursday, the source added.

Proceeds will be used with $750 million of other unsecured debt to refinance an existing $1.45 billion term loan B due 2027, to refinance $512 million of outstanding borrowings under an existing revolving credit facility due 2025 and to pay down an existing $154 million term loan A due 2025.

Station Casinos is a Las Vegas-based gaming, development and management company.

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