By Paul A. Harris
St. Louis, Nov. 8 - Tunica-Biloxi Gaming Authority priced a $150 million issue of 10-year senior unsecured notes (B2/B+) at par to yield 9%.
The yield came 50 basis points beyond the wide end of the 8¼% to 8½% price talk.
Deutsche Bank Securities ran the books for the Rule 144A with registration rights offering.
Proceeds will be used to fund the expansion of the Paragon Casino and Resort.
The issuer is a Louisiana tribal gaming enterprise.
| Issuer: | Tunica-Biloxi Gaming Authority
|
| Amount: | $150 million
|
| Maturity: | Nov. 15, 2015
|
| Security description: | Senior unsecured notes
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| Bookrunner: | Deutsche Bank Securities
|
| Coupon: | 9%
|
| Price: | Par
|
| Yield: | 9%
|
| Spread: | 444 basis points
|
| Call protection: | Five years
|
| Trade date: | Nov. 8
|
| Settlement date: | Nov. 14
|
| Ratings: | Moody's: B2
|
| Standard & Poor's: B+
|
| Price talk: | 8¼% to 8½%
|
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