Station Casinos finalizes $1.5 billion term loan at Libor plus 325 bps

By Sara Rosenberg

New York, Feb. 27 - Station Casinos LLC set pricing on its roughly $1.5 billion term loan at Libor plus 325 basis points, the wide end of the Libor plus 300 bps to 325 bps talk, according to a market source.

Also, the 101 soft call protection was extended to one year from six months, the source said.

The term loan still has a 1% Libor floor and a par offer price.

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

Proceeds will be used to reprice an existing term loan from Libor plus 400 bps with a 1% Libor floor.

Station Casinos is a Las Vegas-based casino company.

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