By Paul A. Harris
St. Louis, Nov. 4 - River Rock Entertainment Authority priced a slightly upsized issue of $200 million 9¾% senior notes due Nov. 1, 2011 (B2/B+) at 98.651 Tuesday to yield 10%, according to an informed source.
The source, while declining to specify price talk, commented that the deal priced within talk. The deal was increased from $190 million.
CIBC World Markets ran the books on the Rule 144A offer.
River Rock Entertainment will use proceeds to help fund construction of the authority's expansion project, to repay $54 million of debt and to fund settlement of litigation.
The issuer operates a Native American gaming complex in Sonoma, Calif.
| Issuer: | River Rock Entertainment Authority
|
| Amount: | $200 million (increased from $190 million)
|
| Maturity: | Nov. 1, 2011
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| Security description: | Senior notes
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| Bookrunner: | CIBC World Markets
|
| Coupon: | 9¾%
|
| Price: | 98.651
|
| Yield: | 10%
|
| Spread: | 599 basis points
|
| Call features: | Callable on Nov. 1, 2007 at 104.875, then 102.438, declining to par on Nov. 1, 2009 and thereafter
|
| Settlement date: | Nov. 7, 2003
|
| Ratings: | Moody's: B2
|
| Standard & Poor's: B+
|
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