Enterprise Development Authority starts roadshow for $440 million five-year secured notes

By Paul A. Harris

Portland, Ore., June 19 – Enterprise Development Authority, the issuing authority of the California-based Estom Yumeka Maidu tribe, began a roadshow on Tuesday in Baltimore for a $440 million offering of five-year senior secured notes, according to market sources.

Initial guidance on the deal is in the high 9% to low 10% area.

The roadshow travels to New York on Wednesday, to Boston on Thursday and to Chicago and Indianapolis on Friday.

The June 25 week sees the roadshow in Los Angeles on June 25 and in San Francisco on June 26, which is the day on which the Rule 144A for life offer is expected to price.

Wells Fargo Securities LLC has the books.

The notes become callable after two years at par plus 50% of the coupon.

S&P Global Ratings is expected to assign its B- rating to the notes, an informed source said. The deal is also expected to be rated by Moody's Investors Service, the source added.

Proceeds will be used to fund the development and construction of the Hard Rock Hotel & Casino – Sacramento at Fire Mountain, in Yuba County, Calif., approximately 35 miles north of Sacramento. Proceeds will also be used to provide liquidity for working capital and general corporate purposes.

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