Station Casinos plans to start roadshow Wednesday for $625 million senior step-up notes

By Paul A. Harris

Portland, Ore., Feb. 6 - Dealers will undertake the syndication of Station Casinos, LLC's $625 million tranche of senior step-up notes due June 18, 2018 (/CCC+/) during a roadshow set to begin on Wednesday, according to market sources.

The roadshow wraps up on Feb. 13, and the notes are expected to price early in the Feb. 13 week.

The initial coupon will be 3.65%. It steps up annually to 3.66%, 3.67%, 4.87%, 7.22% and to 9.54% in 2017.

There is a 1% duration fee payable on June 1, 2016 and on June 19, 2017.

Deutsche Bank Securities Inc. and J.P. Morgan Securities LLC are the joint bookrunners.

The Rule 144A with registration rights notes become callable at par on Dec. 31, 2012 and feature a poison put exercisable at par.

The notes are part of the financing related to the Las Vegas-based casino company's exit from Chapter 11 bankruptcy in June 2011.

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