New Issue: Buena Vista Gaming prices $205 million 13% five-year notes at 95 to yield 14.425%

By Paul A. Harris

Portland, Ore., March 6 – Buena Vista Gaming Authority priced $205 million of 13% five-year senior secured notes (Caa1/B-) at 95 to yield 14.425% on Tuesday, according to an informed source.

Jefferies LLC was the bookrunner.

The Ione, Calif.-based tribal gaming authority plans to use the proceeds, along with about $15 million additional subordinated debt from Caesars Entertainment Corp. or its subsidiaries, to finance the development of Harrah's NorCal Casino.

Issuer:	Buena Vista Gaming Authority
Amount:	$205 million
Maturity:	April 1, 2023
Securities:	Senior secured notes
Bookrunner:	Jefferies LLC
Coupon:	13%
Price:	95
Yield:	14.425%
First call:	April 1, 2021 at 106.5
Trade date:	March 6
Settlement date:	March 16
Ratings:	Moody's: Caa1
	S&P: B-

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