Station Casinos cuts term B to $1.53 billion, changes OID to 99.875

By Sara Rosenberg

New York, Jan. 31 – Station Casinos LLC downsized its term loan B (Ba3/BB-) to $1,533,000,000 from $1,605,000,000 and tightened the original issue discount to 99.875 from talk in the range of 99.5 to 99.75, according to a market source.

The term loan is still priced at Libor plus 225 basis points with a 0.25% Libor floor and has 101 soft call protection for six months.

J.P. Morgan Securities LLC, Deutsche Bank Securities Inc., Wells Fargo Securities LLC, Fifth Third, Citizens Bank, BNP Paribas Securities Corp., SunTrust Robinson Humphrey Inc., Citigroup Global Markets Inc., Goldman Sachs Bank USA and KeyBanc Capital Markets are the leads on the deal.

Recommitments were scheduled to be due at 11 a.m. ET on Friday, the source added.

Proceeds will be used to help refinance existing bank debt.

Station Casinos is a Las Vegas-based casino gaming company.

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