By Paul A. Harris
Portland, Ore., July 12 – Enterprise Development Authority, the issuing authority of the California-based Estom Yumeka Maidu tribe, priced an upsized $450 million issue of 12% senior secured notes due July 15, 2024 (B3/B-) at 97 to yield 12.729% on Thursday, according to market sources.
The issue size was increased from $440 million.
Most recent talk in the market had the deal coming with a 12% coupon at a discount, an investor said. Initial guidance was in the high 9% to low 10% area.
Wells Fargo Securities LLC had the books.
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.
| Issuer: | Enterprise Development Authority
|
| Amount: | $450 million, increased from $440 million
|
| Maturity: | July 15, 2024
|
| Securities: | Senior secured notes
|
| Bookrunner: | Wells Fargo Securities LLC
|
| Coupon: | 12%
|
| Price: | 97
|
| Yield: | 12.729%
|
| First call: | July 15, 2021 at 109
|
| Trade date: | July 12
|
| Settlement date: | July 26
|
| Ratings: | Moody's: B3
|
| S&P: B-
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 12% at a discount
|
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