New Issue: Station Casinos sells $550 million eight-year notes at par to yield 5%

By Paul A. Harris

Portland, Ore., Sept. 7 – Station Casinos LLC priced a $550 million issue of eight-year senior notes (B3/B-) at par to yield 5% on Thursday, according to market sources.

The yield printed 12.5 basis points inside of yield talk in the 5¼% area.

BofA Merrill Lynch, Goldman Sachs & Co., Citigroup Global Markets Inc., Citizens Bank, Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Fifth Third, J.P. Morgan Securities LLC, Macquarie, SunTrust Robinson Humphrey Inc., UBS Investment Bank and Wells Fargo Securities LLC were the joint bookrunners.

The Las Vegas-based gaming company plans to use the proceeds to redeem its 7½% senior notes due 2021, to repay all amounts outstanding under its revolving credit facility, to pay fees and costs and for general corporate purposes.

Issuer:	Station Casinos LLC
Amount:	$550 million
Maturity:	Oct. 1, 2025
Securities:	Senior notes
Bookrunners:	BofA Merrill Lynch, Goldman Sachs & Co., Citigroup Global Markets Inc., Citizens Bank, Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Fifth Third, J.P. Morgan Securities LLC, Macquarie, SunTrust Robinson Humphrey Inc., UBS Investment Bank, Wells Fargo Securities LLC
Coupon:	5%
Price:	Par
Yield:	5%
Spread:	305 bps
Call protection:	Three years
Trade date:	Sept. 7
Settlement date:	Sept. 21
Ratings:	Moody's: B3
	S&P: B-
Distribution:	Rule 144A and Regulation S
Price talk:	5¼ area
Marketing:	Quick to market

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.