By Paul A. Harris
Portland, Ore., April 19 – Affinity Gaming priced a $70 million add-on to its 6 7/8% senior secured notes due Dec. 15, 2027 (B3/B-) at 105 to yield 5.952% in a Monday drive-by, according to market sources.
The issue price came richer than the 104.5 to 104.75 price talk.
Goldman Sachs & Co. LLC was the left bookrunner. Joint bookrunners were Deutsche Bank Securities Inc., Credit Suisse Securities (USA) LLC, Citizens Capital Markets Inc. and Macquarie Capital (USA) Inc.
The Paradise, Nev.-based casino operator plans to use the proceeds plus cash on hand for general corporate purposes, including working capital, capital expenditures and permitted acquisitions.
| Issuer: | Affinity Gaming
|
| Amount: | $70 million
|
| Maturity: | Dec. 15, 2027
|
| Security description: | Add-on to 6 7/8% senior secured notes due Dec. 15, 2027
|
| Left bookrunner: | Goldman Sachs & Co. LLC
|
| Joint bookrunners: | Deutsche Bank Securities Inc., Credit Suisse Securities (USA) LLC, Citizens Capital Markets Inc. and Macquarie Capital (USA) Inc.
|
| Coupon: | 6 7/8%
|
| Price: | 105
|
| Yield to maturity: | 5.952%
|
| Spread: | 437 bps
|
| First call: | Dec. 15, 2023 at 103.438
|
| Trade date: | April 19
|
| Settlement date: | April 26
|
| Ratings: | Moody's: B3
|
| S&P: B-
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 104.5 to 104.75
|
| Marketing: | Drive-by
|
| Original issue: | $475 million priced in December 2020
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