New Issue: Eldorado Resorts prices upsized $500 million tap of 6% notes due 2025 at 105.5

By Paul A. Harris

Portland, Ore., Sept. 11 – Eldorado Resorts, Inc. priced an upsized $500 million add-on to its 6% senior notes due April 1, 2025 at 105.5 to yield 4.857% on Monday, according to a prospectus released by the company.

The issue size was increased from $350 million.

J.P. Morgan Securities LLC, Macquarie Capital (USA) Inc., Capital One Securities Inc., KeyBanc Capital Markets Inc., SunTrust Robinson Humphrey Inc. and U.S. Bancorp Investments Inc. were the bookrunners.

The Reno, Nev.-based gaming company plans to use the proceeds from the Rule 144A and Regulation S offering to pay off its revolving credit facility, of which about $78 million was outstanding as of Sept. 8, 2017, and to repay debt under its term loan facility and related accrued interest.

Issuer:	Eldorado Resorts, Inc.
Amount:	$500 million, increased from $350 million
Maturity:	April 1, 2025
Security description:	Add-on to 6% senior notes due April 1, 2025
Bookrunners:	J.P. Morgan Securities LLC, Macquarie Capital (USA) Inc., Capital One Securities Inc., KeyBanc Capital Markets Inc., SunTrust Robinson Humphrey Inc., U.S. Bancorp Investments Inc.
Coupon:	6%
Price:	105.5
Yield to worst:	4.857%
Spread:	306 bps
First call:	Make-whole call at Treasuries plus 50 bps until April 1, 2020, then callable at 104.5
Equity clawback:	35% at 106 until April 1, 2020
Trade date:	Sept. 11
Rating:	S&P: B
Distribution:	SEC registered
Marketing:	Quick to market
Original issue:	$375 million priced at par on March 15, 2017
Total issue size:	$875 million

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