Published on 9/6/2018 in the Prospect News High Yield Daily.
New Issue: Eldorado Resorts prices $600 million 6% eight-year notes at par
By Paul A. Harris
Portland, Ore., Sept. 6 – Eldorado Resorts Inc. priced a $600 million issue of eight-year senior notes (B3/B) at par to yield 6% in a quick-to-market Thursday trade, according to market sources.
The yield printed at the tight end of the 6% to 6¼% yield talk.
J.P. Morgan Securities LLC, Macquarie Capital, Credit Suisse Securities (USA) LLC, U.S. Bancorp Investments Inc., Capital One Securities Inc., KeyBanc Capital Markets LLC, SunTrust Robinson Humphrey Inc. and BofA Merrill Lynch were the joint bookrunners.
The Reno-based casino entertainment company plans to use the proceeds to help fund its acquisition of Tropicana Entertainment Inc.
| Issuer: | Delta Merger Sub Inc.
|
| Amount: | $600 million
|
| Maturity: | Sept. 15, 2026
|
| Securities: | Senior notes
|
| Bookrunners: | J.P. Morgan Securities LLC, Macquarie Capital, Credit Suisse Securities (USA) LLC, U.S. Bancorp Investments Inc., Capital One Securities Inc., KeyBanc Capital Markets LLC, SunTrust Robinson Humphrey Inc., BofA Merrill Lynch
|
| Coupon: | 6%
|
| Price: | Par
|
| Yield: | 6%
|
| Spread: | 315 bps
|
| First call: | Sept. 15, 2021 at 104.5
|
| Trade date: | Sept. 6
|
| Settlement date: | Sept. 20
|
| Ratings: | Moody's: B3
|
| S&P: B
|
| Distribution: | Rule 144A with registration rights
|
| Price talk: | 6% to 6¼%
|
| Marketing: | Quick to market
|
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