Turning Stone talks $160 million eight-year notes at 9%-9¼%, books close Friday afternoon

By Paul A. Harris

St. Louis, Sept. 6 - Turning Stone Resort Casino talked its $160 million offering of eight-year senior notes (Ba3/B+) at 9% to 9¼% on Wednesday, according to a market source.

The books are scheduled to close on Friday afternoon with pricing to follow on Friday or on Monday.

Banc of America Securities LLC has the books for the Rule 144A notes. KeyBanc Capital Markets is the co-manager.

The notes come with four years of call protection.

Proceeds will be used to repay tax-exempt debt, to pay a $15 million distribution and for general corporate purposes.

The prospective issuer is a Syracuse, N.Y., gaming and entertainment casino and hotel operation run by the Oneida Indian Nation.

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