By Paul A. Harris
Portland, Ore., May 16 - Sugarhouse HSP Gaming Prop. Mezz. LP and Sugarhouse HSP Gaming Finance Corp., units of Sugarhouse Casino, priced a $235 million issue of eight-year second-lien notes (B3/CCC/) at par to yield 6 3/8% on Thursday, according to a market source.
The yield printed at the tight end of yield talk in the 6½% area.
Goldman Sachs & Co., Wells Fargo Securities LLC, BofA Merrill Lynch and Fifth Third Securities Inc. were the joint bookrunners for the deal, which was upsized from $235 million.
The Philadelphia-based casino entertainment enterprise plans to use the proceeds to refinance its 8 5/8% senior secured notes due 2016, to fund capital expenditures and to redeem preferred shares.
| Issuers: | Sugarhouse HSP Gaming Prop. Mezz. LP and Sugarhouse HSP Gaming Finance Corp.
|
| Amount: | $240 million, increased from $235 million
|
| Maturity: | June 1, 2021
|
| Securities: | Second-lien notes
|
| Bookrunners: | Goldman Sachs & Co., Wells Fargo Securities LLC, BofA Merrill Lynch, Fifth Third Securities Inc.
|
| Coupon: | 6 3/8%
|
| Price: | Par
|
| Yield: | 6 3/8%
|
| Spread: | 489 bps
|
| First call: | June 1, 2017 at 103.188
|
| Trade date: | May 16
|
| Settlement date: | May 24
|
| Ratings: | Moody's: B3
|
| Standard & Poor's: CCC
|
| Distribution: | Rule 144A for life
|
| Price talk: | 6½% area
|
| Marketing: | Roadshow
|
© 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.
