Station Casinos talks $575 million term loan B at Libor plus 450 bps

By Sara Rosenberg

New York, Sept. 11 - Station Casinos LLC released talk on its $575 million seven-year term loan B at Libor plus 450 basis points with a 1.25% Libor floor and an original issue discount of 99, according to a market source.

Amortization on the term loan B is 1% per annum.

The company's $775 million senior secured credit facility (B2/B+), which launched with a bank meeting on Monday, also includes a $200 million five-year revolver.

Commitments are due on Sept. 18, the source said.

Bank of America Merrill Lynch, Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc. and J.P. Morgan Securities LLC are the lead arrangers on the deal.

Station Casinos NP Opco LLC and Station GVR Acquisition LLC are the actual co-borrowers on the deal.

Proceeds will be used to refinance existing debt at Opco and GVR.

Station Casinos is a Las Vegas-based casino company.

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