American Casino & Entertainment price talk 8 1/8% area on $200 million eight-year notes

By Paul A. Harris

St. Louis, Jan. 13 - Price talk in the area of 8 1/8% emerged Tuesday on American Casino & Entertainment Properties LLC's proposed $200 million of eight-year senior secured notes (B2/B), market sources said.

The deal is expected to price on Thursday.

Bear Stearns & Co. is the bookrunner for the Rule 144A offering.

The notes will come with four years of call protection.

The Mount Kisco, N.Y.-based company plans to use proceeds to fund the acquisition of two casinos in Las Vegas from American Real Estate Partners LP Chairman Carl Icahn. Upon closing, 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.

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