By Paul A. Harris
Portland, Ore., March 7 – Station Casinos LLC priced a downsized $500 million issue of eight-year senior notes (B3/B) at par to yield 6 5/8% in a Thursday drive-by, according to market sources.
The issue size decreased from $750 million.
The yield printed at the tight end of the 6 5/8% to 6¾% yield talk. Initial guidance was the in the 7% area.
BofA Securities Inc. was the left bookrunner. Joint bookrunners were Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, Wells Fargo Securities LLC, Fifth Third Securities Inc., SMBC Nikko Securities America Inc., Truist Securities Inc., BNP Paribas Securities Corp., Capital One Securities Inc., Citizens Capital Markets Inc., U.S. Bancorp Investments Inc., Goldman Sachs & Co. LLC and Barclays.
With the $250 million downsizing of the issue, the proceeds were shifted to a concurrent term loan, increasing the loan size to $1.57 billion from $1.32 billion.
The Las Vegas-based gaming, development and management company plans to use the proceeds from the notes and the loan, plus a draw on its revolver, to refinance all loans and commitments outstanding under its existing credit agreement, and for general corporate purposes.
| Issuer: | Station Casinos LLC
|
| Amount: | $500 million, decreased from $750 million
|
| Issue: | Senior notes
|
| Maturity: | March 15, 2032
|
| Left bookrunner: | BofA Securities Inc.
|
| Joint bookrunners: | Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, Wells Fargo Securities LLC, Fifth Third Securities Inc., SMBC Nikko Securities America Inc., Truist Securities Inc., BNP Paribas Securities Corp., Capital One Securities Inc., Citizens Capital Markets Inc., U.S. Bancorp Investments Inc., Goldman Sachs & Co. LLC and Barclays
|
| Coupon: | 6 5/8%
|
| Price: | Par
|
| Yield: | 6 5/8%
|
| Spread: | 251 bps
|
| First call: | March 15, 2027 at 103.313
|
| Trade date: | March 7
|
| Settlement date: | March 14
|
| Ratings: | Moody’s: B3
|
| S&P: B
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 6 5/8% to 6¾%
|
| Marketing: | Drive-by
|
|
|
© 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.
