By Paul A. Harris
Portland, Ore., Dec. 17 – Affinity Gaming priced a $475 million issue of seven-year senior secured notes (B3/B-) at par to yield 6 7/8% in a Tuesday drive-by, according to a syndicate source.
The yield printed 12.5 basis points through the 7% to 7¼% yield talk.
Timing was accelerated. When announced early Tuesday the deal was scheduled to remain in the market until Wednesday.
Goldman Sachs & Co. LLC is the left bookrunner. Deutsche Bank Securities Inc., Macquarie Capital (USA) Inc., Citizens Capital Markets Inc. and Credit Suisse Securities (USA) LLC are the joint bookrunners.
The Paradise, Nev.-based casino operator plans to use the proceeds plus cash on hand to repay its existing first- and second-lien term loans, and repay approximately $22.4 million of capital contributions that it received from Z Capital Partners earlier in 2020.
| Issuer: | Affinity Gaming
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| Amount: | $475 million
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| Maturity: | Dec. 15, 2027
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| Securities: | Senior secured notes
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| Left bookrunner: | Goldman Sachs & Co. LLC
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| Joint bookrunners: | Deutsche Bank Securities Inc., Macquarie Capital (USA) Inc., Citizens Capital Markets Inc. and Credit Suisse Securities (USA) LLC
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| Coupon: | 6 7/8%
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| Price: | Par
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| Yield: | 6 7/8%
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| Spread: | 624 bps
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| Call protection: | Three years
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| Trade date: | Dec. 15
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| Settlement date: | Dec. 30
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| Ratings: | Moody's: B3
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| S&P: B-
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| Distribution: | Rule 144A and Regulation S for life
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| Price talk: | 7% to 7¼%
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| Marketing: | Drive-by
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