By Paul A. Harris
St. Louis, Sept. 24 - Waterford Gaming LLC priced a $128.5 million issue of seven-year senior notes (Ba3/BB-) at par to yield 8 5/8% on Monday, according to an informed source.
There was no official price talk, according to market sources.
Merrill Lynch & Co. and Deutsche Bank Securities were joint bookrunners for the quick-to-market Rule 144A for life notes.
Proceeds will be used to repay the company's existing $101.1 million of senior notes due 2012 and to pay a $26.5 million dividend to the Waterford Group, the parent.
The issuer is a Waterford, Conn., gaming company.
| Issuer: | Waterford Gaming LLC
|
| Issue: | $128.5 million
|
| Maturity: | Sept 15, 2014
|
| Security description: | Senior notes
|
| Bookrunners: | Merrill Lynch & Co., Deutsche Bank Securities
|
| Coupon: | 8 5/8%
|
| Price: | Par
|
| Yield: | 8 5/8%
|
| Spread: | 418 bps
|
| Call protection: | Non-callable with a Treasuries plus 50 bps make-whole provision
|
| Trade date: | Sept. 24
|
| Settlement date: | Sept. 27
|
| Ratings: | Moody's: Ba3
|
| Standard & Poor's: BB-
|
| Distribution: | Rule 144A for life
|
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