American Casino & Entertainment to sell $200 million eight-year notes

By Paul A. Harris

St. Louis, Jan. 6 - American Casino & Entertainment Properties LLC will get its roadshow underway this week for a $200 million offering of senior secured notes due 2012, market sources said.

Pricing is expected during the week of Jan. 12.

Bear Stearns & Co. will run the books on the Rule 144A deal.

The notes will be non-callable for four years.

Proceeds from the offering will be used to fund the acquisition of two casinos in Las Vegas from American Real Estate Partners LP chairman Carl Icahn.

Upon closing the deal American Real Estate Holdings LP also will transfer 100% of the common stock of Stratosphere Corp., the entity that owns the Stratosphere Casino Hotel & Tower, to American Casino. As a result, American Casino will own and operate three gaming and entertainment properties in the Las Vegas metropolitan area.

American Casino & Entertainment Properties is based in Mount Kisco, N.Y.

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