American Casino & Entertainment to sell $310 million seven-year notes

By Paul A. Harris

Portland, Ore., May 31 - American Casino & Entertainment Properties LLC, in conjunction with its subsidiary ACEP Finance Corp., will begin a roadshow on Friday for a $310 million offering of seven-year senior secured notes, according to market sources.

The deal is expected to price mid-to-late in the June 4 week.

Goldman Sachs & Co., Wells Fargo Securities LLC and Deutsche Bank Securities Inc. are the joint bookrunners.

The Rule 144A and Regulation S notes come with three years of call protection.

The Las Vegas-based casino operator plans to use the proceeds, together with cash on hand and a $50 million secured revolver, to purchase any and all of its existing 11% senior secured notes due 2014 in a tender offer, and to redeem any of those notes that remain outstanding after the closing of the tender offer.

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