By Paul A. Harris
Portland, Ore., March 15 – Eldorado Resorts Inc. priced a $375 million issue of eight-year senior notes (B3/B-) at par to yield 6% on Wednesday, according to market sources.
J.P. Morgan Securities LLC, Macquarie Capital, Capital One, KeyBanc Capital Markets, SunTrust Robinson Humphrey Inc. and U.S. Bancorp Investments Inc. are the joint bookrunners.
The notes come with three years of call protection.
The Reno, Nev.-based casino entertainment company plans to use the proceeds to help fund its acquisition of Isle of Capri Casinos Inc., as well as to refinance the entire Isle of Capri credit facility, to redeem or repurchase all of Isle of Capri’s outstanding 5 7/8% senior notes due 2021 and 8 7/8% senior subordinated notes due 2020, and to pay off Eldorado’s existing credit facility.
| Issuer: | Eldorado Resorts Inc.
|
| Amount: | $375 million
|
| Tenor: | Eight years
|
| Securities: | Senior notes
|
| Bookrunners: | J.P. Morgan Securities LLC, Macquarie Capital, Capital One, KeyBanc Capital Markets, SunTrust Robinson Humphrey Inc., U.S. Bancorp Investments Inc.
|
| Coupon: | 6%
|
| Price: | Par
|
| Yield: | 6%
|
| Call protection: | Three years
|
| Trade date: | March 15
|
| Settlement date: | March 29
|
| Ratings: | Moody's: B3
|
| S&P: B-
|
| Distribution: | Rule 144A and Regulation S
|
| Marketing: | Roadshow
|
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