By Paul A. Harris
Portland, Ore., Jan. 26 – Jacobs Entertainment Inc. priced a $500 million issue of seven-year senior notes (B2/B) at par to yield 6¾% on Wednesday, according to market sources.
The yield printed in the middle of yield talk in the 6¾% area. Initial guidance was in the high-6% area to 7%.
Credit Suisse Securities (USA) LLC was the left bookrunner. Capital One Securities Inc. was a joint bookrunner.
The Golden, Colo.-based gaming, hospitality and entertainment company plans to use the proceeds to redeem its 2024 notes, to partially finance further remodeling and improvements at Sands Regency, and to partially fund additional Reno, Nev., land acquisitions and preliminary development costs.
| Issuer: | Jacobs Entertainment Inc.
|
| Amount: | $500 million
|
| Issue: | Senior notes
|
| Maturity: | Feb. 15, 2029
|
| Left bookrunner: | Credit Suisse Securities (USA) LLC
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| Joint bookrunner: | Capital One Securities Inc.
|
| Coupon: | 6¾%
|
| Price: | Par
|
| Yield: | 6¾%
|
| Spread: | 504 bps
|
| First call: | Feb. 15, 2025 at 103.375
|
| Trade date: | Jan. 26
|
| Settlement date: | Feb. 4
|
| Ratings: | Moody's: B2
|
| S&P: B
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 6¾% area
|
| Marketing: | Roadshow
|
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