Hard Rock Hotel $140 million 10-year notes talked at 8 7/8% area, pricing Tuesday

By Paul A. Harris

St. Louis, May 19 - The official price talk is for a yield in the 8 7/8% area on Hard Rock Hotel Inc.'s upcoming sale of $140 million 10-year second lien notes (B3/B), according to a syndicate source.

The deal is expected to price Tuesday morning, the source added.

Banc of America Securities is the bookrunner.

The Rule 144A notes will be non-callable for five years

Proceeds will be used to repay all outstanding debt, including the tender offer and consent solicitation for the company's $120 million 9¼% senior subordinated notes due 2005, and to pay a $15 million dividend.

Hard Rock Hotel owns and operates the Hard Rock Hotel & Casino in Las Vegas.

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