American Casino withdraws $310 million senior secured note offering

By Paul A. Harris

Portland, Ore., June 7 - American Casino & Entertainment Properties LLC withdrew its $310 million offering of seven-year senior secured notes (B3/B+) from the market, according to buyside and sellside sources.

No formal price talk had circulated, however the company was not interested in going forward with a deal in an interest rate context of 9¾% to 10%, a portfolio manager commented.

Initial guidance on the deal came in the 9% area.

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

The Las Vegas-based casino operator had planned 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.

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