By Paul A. Harris
St. Louis, March 4 - Global Cash Access LLC sold $235 million of eight-year senior subordinated notes (Caa1/B-) Thursday at par to yield 8¾%, according to an informed source.
Revised price talk was 8¾% to 8 7/8%, from 8 7/8% to 9 1/8%.
Banc of America Securities ran the books on the Rule 144A issue, which has registration rights.
Proceeds will be used to finance M&C's purchase of First Data's 67% equity interest in Global Cash Access.
The company is a Las Vegas-based provider of transaction-processing services and products that dispense cash to casino customers.
| Issuer: | Global Cash Access LLC
|
| Amount: | $235 million
|
| Maturity: | March 15, 2012
|
| Security description: | Senior subordinated notes
|
| Bookrunner: | Banc of America Securities
|
| Coupon: | 8¾%
|
| Price: | Par
|
| Yield: | 8¾%
|
| Spread: | 495 basis points
|
| Call features: | Callable after March 15, 2008 at 104.375, 102.188, par on March 15, 2010 and thereafter
|
| Equity clawback: | Until March 15, 2007 for 35% at 108.75
|
| Pricing date: | March 4
|
| Settlement date: | March 10
|
| Ratings: | Moody's: Caa1
|
| Standard & Poor's: B-
|
| Price talk: | 8¾%-8 7/8% (revised from 8 7/8%-9 1/8%)
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