Published on 3/1/2004 in the Prospect News High Yield Daily.
New Issue: Station Casinos prices $50 million add-on to 6½% notes due 2014 at 100.50
By Paul A. Harris
St. Louis, March 1 - Station Casinos Inc. priced a $50 million add-on to its 6½% senior subordinated notes due Feb. 1, 2014 (B1/B+) Monday at 100.50 to yield 6.417%, according to an informed source.
Price talk was 100.50.
Banc of America Securities ran the books for the Rule 144A add-on.
Proceeds will be used to repay bank debt.
Station Casinos is a Las Vegas-based hotel and casino owner.
The original $400 million issue was priced on Jan. 15.
Issuer: | Station Casinos Inc.
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Amount: | $50 million
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Security description: | Add-on to the 6 ½% senior subordinated notes due Feb. 1, 2014
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Bookrunner: | Banc of America Securities
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Maturity: | Feb. 1, 2014
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Coupon: | 6½%
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Price: | 100.50
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Yield: | 6.417%
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Spread: | 243 basis points
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Call features: | Callable after Feb. 1, 2009 at 102.438, 101.625, 100.813, par on Feb. 1, 2012 and thereafter
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Pricing date: | March 1
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Settlement date: | March 5, with accrued interest
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Ratings: | Moody's: B1
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| Standard & Poor's: B+
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