Station Casinos begins tender offer for $625 million notes due 2018

By Toni Weeks

San Luis Obispo, Calif., Feb. 15 - Station Casinos LLC began a tender offer for any and all of its roughly $625 million of outstanding senior notes due 2018, according to a news release.

The company is also soliciting consents to some proposed amendments to the indenture governing the notes. Holders tendering their notes by 5 p.m. ET on Feb. 28, the consent date, are required to consent to the amendments.

The purchase price will be $1,001.50 per $1,000 principal amount of notes tendered by the consent date. The price includes a cash consent payment of $10.00 per $1,000 of notes. The initial settlement date for these notes is on or around March 1.

Tendered notes may be withdrawn prior to the consent date.

Holders who tender after the consent date but before 11:59 p.m. ET on March 14, the expiration date for the tender offer, are not eligible for the cash consent payment and will receive $991.50 per $1,000 principal amount of notes. Settlement for notes tendered after the consent date is scheduled for March 15.

The company will also pay accrued interest up to but not including the applicable payment date.

The tender offer is conditioned on the receipt of consents for at least a majority in principal amount of the notes and proceeds of at least $2,175,000,000 in financing by the initial settlement date.

Deutsche Bank Securities Inc. (855 287-1922 or collect 212 250-7527) and BofA Merrill Lynch (888 292-0070 or collect 980 388-3646) are dealer managers and solicitation agents for the tender offer. D.F. King & Co., Inc. (800 269-6427 or collect 212 269-5550) is the documentation agent.

The Las Vegas-based company is a provider of gaming and entertainment to residents of Las Vegas.

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