Station Casinos flexes $1.55 billion term loan B to Libor plus 300 bps

By Sara Rosenberg

New York, May 25 – Station Casinos LLC lowered pricing on its $1.55 billion seven-year term loan B to Libor plus 300 basis points from talk of Libor plus 325 bps to 350 bps, according to a market source.

Additionally, the original issue discount on the term loan B was tightened to 99.5 from 99 and the 101 soft call protection was extended to one year from six months, the source said.

The term loan B still has a 0.75% Libor floor.

The company’s $2,385,000,000 credit facility (Ba3) also includes a $660 million revolver and a $175 million term loan A, both priced at Libor plus 275 bps.

J.P. Morgan Securities LLC, Bank of America Merrill Lynch, Deutsche Bank Securities Inc., Macquarie Capital (USA) Inc., Fifth Third, Goldman Sachs & Co., Citigroup Global Markets Inc., Citizens Bank and UBS Investment Bank are the leads on the deal.

Proceeds will be used to refinance existing debt and for general corporate purposes.

Station Casinos is a Las Vegas-based casino company.

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