By Paul A. Harris
Portland, Ore., Oct. 17 – Saracen Development, LLC priced a $285 million issue of six-year senior secured notes, an informed source said on Thursday.
The notes, which priced at par, will pay a coupon comprised of 11% cash and 3% PIK.
The issuer has the option to convert payment to 13% cash on or before the record date preceding the fourth interest payment date.
Credit Suisse Securities (USA) LLC was the bookrunner.
The Native American tribal gaming concern plans to use the proceeds to fund the costs associated with designing, developing, constructing, equipping and opening phase I of Saracen Casino Resort in Pine Bluff, Ark.
The issuing entity is a unit of Downstream Development, which is owned by the Quapaw Nation of Oklahoma.
| Issuer: | Saracen Development, LLC
|
| Amount: | $285 million
|
| Maturity: | Oct. 15, 2025
|
| Securities: | Senior secured notes
|
| Bookrunner: | Credit Suisse Securities (USA) LLC
|
| Coupon: | 11% cash plus 3% PIK (issuer has the option to convert payment to 13% cash on or before the record date preceding the fourth interest payment date)
|
| Price: | Par
|
| First call: | Oct. 15, 2021 at 109.75
|
| Settlement date: | Oct. 22
|
| Distribution: | Rule 144A and Regulation S
|
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