By Paul A. Harris
Portland, Ore., July 12 – Enterprise Development Authority, the issuing authority of the California-based Estom Yumeka Maidu tribe, priced an upsized $450 million issue of 12% senior secured notes due July 15, 2024 (B3/B-) at 97 to yield 12.729% on Thursday, according to market sources.
The issue size was increased from $440 million.
Most recent talk in the market had the deal coming with a 12% coupon at a discount, an investor said. Initial guidance was in the high 9% to low 10% area.
Wells Fargo Securities LLC had the books.
Proceeds will be used to fund the development and construction of the Hard Rock Hotel & Casino – Sacramento at Fire Mountain, in Yuba County, Calif., approximately 35 miles north of Sacramento. Proceeds will also be used to provide liquidity for working capital and general corporate purposes.
Issuer: | Enterprise Development Authority
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Amount: | $450 million, increased from $440 million
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Maturity: | July 15, 2024
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Securities: | Senior secured notes
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Bookrunner: | Wells Fargo Securities LLC
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Coupon: | 12%
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Price: | 97
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Yield: | 12.729%
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First call: | July 15, 2021 at 109
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Trade date: | July 12
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Settlement date: | July 26
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Ratings: | Moody's: B3
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| S&P: B-
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Distribution: | Rule 144A and Regulation S for life
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Price talk: | 12% at a discount
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