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American Entertainment Properties starts roadshow for $250 million eight-year floaters
By Paul A. Harris
St. Louis, Sept. 20 - American Entertainment Properties Corp. began what is expected to be a brief roadshow on Wednesday for a $250 million offering of eight-year senior floating-rate notes (Caal/B-), according to a market source.
Pricing is expected late this week or early next week.
Bear Stearns & Co. has the books for the Rule 144A offering.
The notes will come with two years of call protection and a three-year 35% equity clawback.
Proceeds, together with cash and cash equivalents, will be used to pay a dividend to a newly formed corporation that will become the company's parent.
American Entertainment Properties Corp. is the parent of Las Vegas-based American Casino & Entertainment Properties.
The ultimate parent is American Real Estate Partners, LP (AREP), a Delaware master limited partnership the units of which are traded on the New York Stock Exchange.
As of Dec. 31, 2005, affiliates of Carl Icahn owned about 86.5% of the outstanding preferred units and about 90% of the outstanding depositary units of AREP.
Icahn is the chairman of the board of directors of American Property Investors, Inc., AREP's general partner.
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