Station Casinos talks $500 million eight-year notes at 4½%-4 5/8%; pricing Friday

By Paul A. Harris

Portland, Ore., Jan. 24 – Station Casinos LLC talked its $500 million offering of eight-year senior notes (B3/B-) to yield 4½% to 4 5/8%, according to a syndicate source.

Books close at noon ET on Friday and the Rule 144A and Regulation S for life offering is set to price thereafter.

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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