By Paul A. Harris
Portland, Ore., May 4 - Affinity Gaming LLC priced a restructured $200 million issue of six-year senior notes (Caa1/B/) at par to yield 9% on Friday, according to market sources.
The yield printed on top of the yield talk.
The tenor of the notes was reduced to six years from eight years. Call protection was decreased to three years from four years.
Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, Jefferies & Co. and Macquarie Capital were the joint bookrunners.
Proceeds, along with proceeds from a $235 million credit facility, will be used to refinance debt obtained with the company's Chapter 11 proceedings.
Affinity Gaming is a Las Vegas-based gaming company.
| Issuer: | Affinity Gaming LLC
|
| Amount: | $200 million
|
| Maturity: | May 15, 2018 (maturity reduced from 2020)
|
| Securities: | Senior notes
|
| Bookrunners: | Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, Jefferies & Co., Macquarie Capital
|
| Coupon: | 9%
|
| Price: | Par
|
| Yield: | 9%
|
| Spread: | 798 bps
|
| Call features: | Callable on May 15, 2015 at 104.5, 102.25, par on and after May 15, 2017
|
| Equity clawback: | 35% at 109 until May 15, 2015
|
| Change-of-control put: | 101%
|
| Trade date: | May 4
|
| Settlement date: | May 9
|
| Ratings: | Moody's: Caa1
|
| Standard & Poor's: B
|
| Distribution: | Rule 144A and Regulation S with registration rights
|
| Price talk: | 9% area
|
| Marketing: | Roadshow
|
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