Ontario Gaming launches $400 million seven-year secured notes at 8%; pricing Thursday

By Paul A. Harris

Portland, Ore., July 20 – Ontario Gaming GTA LP launched its $400 million offering of seven-year senior secured notes (B2/B/B+) to yield 8%, according to market sources.

The launch comes tighter than yield talk in the 8¼% area. Early guidance was in the 8½% to 8¾% area.

Books close at noon ET on Thursday, and the deal is set to price thereafter.

The Rule 144A and Regulation S notes come with two years of call protection.

Deutsche Bank is leading the deal.

The Toronto-based gaming, entertainment and hospitality company plans to use the proceeds plus an $800 million term loan to refinance its capital structure and for general corporate purposes.

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