Station Casinos sets early guidance for $500 million eight-year notes in low 7%-range

By Paul A. Harris

Portland, Ore., Feb. 19 - Station Casinos LLC set early guidance for its $500 million offering of eight-year senior notes (/CCC+/)) in the low 7%-range, according to a market source.

The deal, which kicked off on Tuesday, is expected to price late in the present week, following a roadshow.

Deutsche Bank Securities Inc., BofA Merrill Lynch, J.P. Morgan Securities LLC and Goldman Sachs & Co. are the joint bookrunners.

The Rule 144A and Regulation S notes come with three years of call protection.

The Las Vegas-based provider of gaming and entertainment plans to use the proceeds, along with cash on hand and borrowings under a new credit facility, to purchase or redeem all of its outstanding senior notes due 2018 and to repay all amounts outstanding under its senior secured credit facility and the NP Opco LLC and Station GVR Acquisition credit facilities.

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