Herbst Gaming $150 million 10-year notes talked to yield 7 1/8% area, to price Friday

By Paul A. Harris

St. Louis, Nov. 4 - Price talk on Herbst Gaming Inc.'s $150 million offering of 10-year senior subordinated notes (B3/B-) is in the 7 1/8% area, according to a market source.

Pricing is expected on Friday.

Lehman Brothers is the bookrunner for the Rule 144A offering.

The notes are non-callable for five years.

Proceeds will be used to help fund the $287 million acquisition of Grace Entertainment's riverboat casino assets in Missouri and Iowa.

Herbst Gaming is a Las Vegas gaming company.

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