Peninsula Pacific Entertainment on roadshow for $450 million notes; whisper low 8% area

By Paul A. Harris

Portland, Ore., Oct. 5 – Peninsula Pacific Entertainment LLC and Peninsula Pacific Entertainment Finance Inc. started a roadshow on Monday for a $450 million offering seven-year notes, according to market sources.

Presentations were scheduled to be made on a late Monday morning conference call with investors.

The deal is set to price later in the Oct. 5 week.

Initial guidance is in the low 8% area, a trader said.

Credit Suisse Securities (USA) LLC is the left lead bookrunner. J.P. Morgan Securities LLC and Macquarie are the joint bookrunners. Union Gaming and Rice Voelker are the co-managers.

The Rule 144A and Regulation S notes become callable after three years at par plus 50% of the coupon.

Proceeds, together with cash on hand, will be used to repay debt under the existing senior secured credit agreements and pay the cash portion of the acquisition of a 50% equity interest in SCE Partners not currently owned by P2E Holdings or one of its affiliates.

The prospective issuer is the owner of gaming and racing facilities in Virginia and Iowa.

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