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Station Casinos to price $500 million eight-year notes on Friday
By Paul A. Harris
Portland, Ore., Jan. 23 – Station Casinos LLC plans to price a $500 million offering of eight-year senior notes on Friday, according to a syndicate source.
The Rule 144A and Regulation S for life offering was scheduled to be shopped on an investor conference call at 12:30 p.m. ET on Thursday.
BofA Securities Inc. is the left bookrunner. J.P. Morgan Securities LLC, Deutsche Bank Securities Inc., Wells Fargo Securities LLC, Fifth Third Securities Inc., Citizens Capital Markets Inc., BNP Paribas Securities Corp., SunTrust Robinson Humphrey Inc., Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, KeyBanc Capital Markets Inc. and Sumitomo are the joint bookrunners.
The notes become callable after three years at par plus 50% of the coupon. They feature a three-year 35% equity clawback at par plus the coupon and a 101% poison put.
The Las Vegas-based casino gaming company plans to use the proceeds to pay down its senior secured credit facilities.
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