New Issue: Station Casinos prices upsized $750 million eight-year notes at par to yield 4½%

By Paul A. Harris

Portland, Ore., Jan. 24 – Station Casinos LLC priced an upsized $750 million issue of eight-year senior notes (B3/B-) at par to yield 4½% on Friday, according to a syndicate source.

The issue size increased from $500 million.

The yield printed at the tight end of the 4½% to 4 5/8% yield talk.

BofA Securities Inc. was the left bookrunner. Joint bookrunners were 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.

The Las Vegas-based casino gaming company plans to use the proceeds to pay down its senior secured credit facilities.

Issuer:	Station Casinos LLC
Amount:	$750 million, increased from $500 million
Maturity:	Feb. 15, 2028
Securities:	Senior notes
Left bookrunner:	BofA Securities Inc.
Joint bookrunners:	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
Coupon:	4½%
Price:	Par
Yield:	4½%
Spread:	287 bps
Call protection:	Three years
Trade date:	Jan. 24
Settlement date:	Feb. 7
Ratings:	Moody's: B3
	S&P: B-
Distribution:	Rule 144A and Regulation S for life
Price talk:	4½% to 4 5/8%
Marketing:	Roadshow

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