By Paul A. Harris
St. Louis, Nov. 17 - Gaylord Entertainment Co. priced an upsized $225 million issue of 10-year senior notes (B3/B) at par to yield 6¾% on Wednesday, according to a syndicate source.
Price talk was in the 6¾% area.
Deutsche Bank Securities and Banc of America Securities ran the books for the Rule 144A issue. Citigroup and CIBC World Markets were the co-managers.
Proceeds will be used to repay the company's Nashville hotel loan.
The issue was upsized from $200 million.
Gaylord Entertainment is a Nashville, Tenn.-based lodging and entertainment company.
Issuer: Gaylord Entertainment Co.
| Amount: | $225 million (increased from $200 million)
|
| Maturity: | Nov. 15, 2014
|
| Security description: | Senior notes
|
| Bookrunners: | Deutsche Bank Securities, Banc of America Securities
|
| Co-managers: | Citigroup, CIBC World Markets
|
| Coupon: | 6¾%
|
| Price: | Par
|
| Yield: | 6¾%
|
| Spread: | 261 basis points
|
| Call features: | Callable after Nov. 15, 2009 at 103.375, 102.25, 101.125, par on or after Nov. 15, 2012
|
| Equity clawback: | Until Nov. 15, 2007 for 35% at 106.75
|
| Pricing date: | Nov. 17
|
| Settlement date: | Nov. 30
|
| Ratings: | Moody's: B3
|
| Standard & Poor's: B
|
| Price talk: | 6¾% area
|
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