New Issue: Spain's Cirsa prices €280 million tap of 8¾% notes due 2018 at 100.5 to yield 8.652%

By Paul A. Harris

Portland, Ore., Jan. 11 - Cirsa Gaming Corp. SA priced a €280 million add-on to its 8¾% senior notes due May 15, 2018 (/B+/) at 100.5 on Tuesday, resulting in an 8.652% yield to worst, according to a market source.

The reoffer price came at the middle of the par to 101 price talk.

Deutsche Bank ran the books.

The Madrid-based gaming firm will use the proceeds to redeem Cirsa Capital Luxembourg SA's outstanding €230 million of 7 7/8% senior notes due 2012 and to repay other debt.

Issuer:	Cirsa Gaming Corp. SA
Face amount:	€280 million
Proceeds:	€281.4 million
Maturity:	May 15, 2018
Security description:	Add-on to the 8¾% senior notes
Bookrunner:	Deutsche Bank
Coupon:	8¾%
Price:	100.5
Yield to worst:	8.652%
Spread:	605 bps
Call features:	Callable on May 15, 2014 at 104.375, 102.188, par on and after May 15 2016
Trade date:	Jan. 11
Settlement date:	Jan. 18
Rating:	Standard & Poor's: B+
Distribution:	Rule 144A and Regulation S for life
Price talk:	Par to 101
Marketing:	Quick to market
Original issue:	€400 million on April 28, 2010 at 97.8926 to yield 9 1/8%
Total issue size:	$680 million

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