Station Casinos lifts term loan B to $1.57 billion, trims pricing

By Sara Rosenberg

New York, March 7 – Station Casinos LLC (Red Rock Resorts) upsized its term loan B due 2031 to $1.57 billion from $1.32 billion and downsized its senior notes offering to $500 million from $750 million, according to market sources.

In addition, pricing on the term loan B was lowered to SOFR plus 225 basis points from SOFR plus 250 bps and the original issue discount firmed at 99.5, the tight end of the 99 to 99.5 talk, sources said.

The term loan still has a 0% floor and 101 soft call protection for six months.

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

Proceeds from the term loan B and notes will be used 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.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.