Golden Entertainment starts roadshow for $375 million notes offer

By Paul A. Harris

Portland, Ore., April 2 – Golden Entertainment Inc. started a roadshow on Tuesday for a $375 million offering of seven-year senior notes (existing ratings Caa1/CCC+), according to market sources.

Initial guidance has the deal coming with a yield in the 8% area, a trader said.

The Rule 144A and Regulation S for life offer is expected to price on Monday.

J.P. Morgan Securities LLC, Credit Suisse Securities (USA) LLC, Macquarie Capital, Capital One, Citizens Bank and Fifth Third Bank are the joint bookrunners.

The notes come with three years of call protection.

The Las Vegas-based gaming and hospitality company plans to use the proceeds to pay off its second lien credit agreement and its revolving credit facility, and to pay down term loan debt under its existing first lien credit agreement.

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