By Paul A. Harris
St. Louis, July 22 - Mandalay Resort Group priced an upsized drive-by offering of $250 million senior notes due July 31, 2009 (Ba2/BB+) Tuesday at par to yield 6½%, according to a syndicate source.
The deal was increased from $200 million. Price talk was for a yield in the 6½% area.
Banc of America Securities, Deutsche Bank Securities Inc., Citigroup, Credit Suisse First Boston and Merrill Lynch & Co. were bookrunners on the Rule 144A deal.
Proceeds will be used to repay a portion of the company's borrowings under its revolving credit facility.
The issuer is a Las Vegas-based gaming and lodging company.
| Issuer: | Mandalay Resort Group
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| Amount: | $250 million (increased from $200 million)
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| Maturity: | July 31, 2009
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| Security description: | Senior notes
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| Bookrunners: | Banc of America Securities, Deutsche Bank Securities, Citigroup, Credit Suisse First Boston, Merrill Lynch
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| Coupon: | 6½%
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| Price: | Par
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| Yield: | 6½%
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| Spread: | 313 basis points
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| Calls: | Make-whole at Treasuries plus 50 basis points
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| Settlement date: | July 31, 2003
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| Ratings: | Moody's: Ba2
|
| Standard & Poor's BB+
|
| Rule 144A Cusip: | 562567AL1
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| Price talk: | 6½% area
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