Twin River Worldwide ups eight-year notes offering to $400 million, sets final pricing at 6¾%

By Paul A. Harris

Portland, Ore., May 3 – Twin River Worldwide Holdings, Inc. upsized its offering of eight-year senior notes (B3/B) to $400 million from $350 million and finalized pricing at 6¾%, according to market sources.

The concurrent term loan was downsized to $300 million from $350 million.

Earlier in the week the notes were talked to yield 6¾%to 7%, tight to initial guidance in the 7% area.

The notes are expected to price on Friday.

Credit Suisse Securities (USA) LLC is the left bookrunner for the Rule 144A and Regulation S notes offering. Citizens Bank, BofA Merrill Lynch, Deutsche Bank Securities Inc., Fifth Third Bank, Goldman Sachs & Co. LLC and SunTrust Robinson Humphrey Inc. are the joint bookrunners.

Cowen & Co. and Union Gaming are the co-managers.

The notes become callable after three years at par plus 75% of the coupon and feature a three-year 40% equity clawback and a 101% poison put.

The Lincoln, R.I.-based owner and operator of gaming and racing facilities will use proceeds to repay its credit facility and for general corporate purposes.

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