Published on 10/6/2016 in the Prospect News High Yield Daily.
New Issue: Pinnacle Entertainment upsizes to $125 million, prices tap of 5 5/8% notes at 100.5
By Paul A. Harris
Portland, Ore., Oct. 6 – Pinnacle Entertainment, Inc. priced an upsized $125 million add-on to its 5 5/8% senior notes due May 1, 2024 at 100.5 to yield 5.518% on Thursday, according to a market source.
The issue size was increased from $100 million.
The reoffer price came at the rich end of the 100 to 100.5 price talk.
J.P. Morgan Securities LLC, Goldman Sachs & Co., BofA Merrill Lynch, Fifth Third Bank, U.S. Bancorp Investments Inc., Credit Agricole CIB, Wells Fargo Securities LLC and Deutsche Bank Securities Inc. were the bookrunners.
The company originally priced $375 million of the notes at par on April 12.
The Las Vegas-based gaming company plans to use the proceeds, including those resulting from the $25 million upsizing of the deal, to pay down its revolver.
| Issuer: | Pinnacle Entertainment, Inc.
|
| Face amount: | $125 million, increased from $100 million
|
| Proceeds: | $125,625,000
|
| Maturity: | May 1, 2024
|
| Security description: | Add-on to 5 5/8% senior notes due May 1, 2024
|
| Bookrunners: | J.P. Morgan Securities LLC, Goldman Sachs & Co., BofA Merrill Lynch, Fifth Third Bank, U.S. Bancorp Investments Inc., Credit Agricole CIB, Wells Fargo Securities LLC, Deutsche Bank Securities Inc.
|
| Coupon: | 5 5/8%
|
| Price: | 100.5
|
| Yield: | 5.518%
|
| Spread: | 412 bps
|
| Call: | Make-whole call at Treasuries plus 50 bps until May 1, 2019, then callable at 104.219
|
| Trade date: | Oct. 6
|
| Settlement date: | Oct. 12
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 100 to 100.5
|
| Marketing: | Quick to market
|
| Original issue: | $375 million priced at par on April 12, 2016
|
| Fungibility: | 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.
