New Issue: Isle of Capri Casinos prices $150 million tap of 5 7/8% notes at 102 to yield 5.302%

By Paul A. Harris

Portland, Ore., April 7 – Isle of Capri Casinos, Inc. priced a $150 million add-on to its 5 7/8% senior notes due March 15, 2021 (B2/BB-) at 102 to yield 5.302% on Tuesday, according to a syndicate source.

The reoffer price came at the rich end of price talk.

Wells Fargo Securities LLC was left bookrunner. Credit Suisse Securities (USA) LLC and Deutsche Bank Securities Inc. were the joint bookrunners.

The St. Louis-based company plans to use the proceeds to tender for and redeem its 7¾% senior notes due 2019.

Isle of Capri owns and operates branded gaming facilities and related lodging and entertainment facilities.

Issuer:	Isle of Capri Casinos, Inc.
Face amount:	$150 million
Proceeds:	$153 million
Maturity:	March 15, 2021
Security description:	Add-on to 5 7/8% senior notes due March 15, 2021
Left bookrunner:	Wells Fargo Securities, LLC
Joint bookrunners:	Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc.
Co-managers:	U.S. Bancorp Investments Inc., Capital One Securities, Inc.
Coupon:	5 7/8%
Price:	102
Yield:	5.302%
First call:	March 15, 2016 at 104.406
Trade date:	April 7
Settlement date:	April 14
Ratings:	Moody's: B2
	Standard & Poor's: BB-
Distribution:	Rule 144A and Regulation S with registration rights
Original issue:	$350 million priced at par in February 2013
Fungibility:	Upon registration the add-on notes will become fungible with the original notes
Total Issue size:	$500 million

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.