Rivers Pittsburgh starts roadshow for $415 million five-year notes

By Paul A. Harris

Portland, Ore., July 11 – Rivers Pittsburgh, operator of the Rivers Casino in Pittsburgh, started a roadshow on Monday in New York and New Jersey for a $415 million offering of five-year senior secured notes, according to a syndicate source.

The roadshow continues in New York on Tuesday, moves to Boston on Wednesday, to Los Angeles on Thursday and to San Francisco on Friday.

The Rule 144A and Regulation S for life offering is set to price thereafter.

Early guidance has the deal coming with a yield in the 6½% area.

Goldman Sachs & Co. is the left bookrunner. Wells Fargo Securities LLC, Fifth Third Securities and U.S. Bancorp Investments Inc. are the joint bookrunners.

The notes come with two years of call protection.

The issuing entities are special purpose vehicles Rivers Pittsburgh Borrower LP and Rivers Pittsburgh Finance Corp.

Proceeds, together with a $50 million draw on the super-priority revolver and cash on hand, will be used to pay off the existing credit facility, to redeem all outstanding 2019 notes and to fund the repurchase by Pittsburgh Gaming Holdings of the Holdco notes and minority interests.

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