By Paul A. Harris
Portland, Ore., Jan. 25 – Peninsula Pacific Entertainment LLC and Peninsula Pacific Entertainment Finance Inc. priced an upsized $75 million add-on to their 8½% notes due Nov. 15, 2027 at 106.75 in a Monday drive by, according to a syndicate source.
The add-on notes will have a 6.812% yield to worst.
The issue size increased from $50 million.
The price came at the rich end of the 106.25 to 106.75 price talk.
Credit Suisse Securities (USA) LLC was the left lead bookrunner. Joint bookrunners were J.P. Morgan Securities LLC and Macquarie Capital (USA) Inc.
Proceeds, including the additional proceeds resulting from the $25 million upsizing of the deal, will be used for general corporate purposes.
The issuer owns gaming and racing facilities in Virginia and Iowa.
| Issuers: | Peninsula Pacific Entertainment LLC and Peninsula Pacific Entertainment Finance Inc.
|
| Amount: | $75 million, increased from $50 million
|
| Maturity: | Nov. 15, 2027
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| Security description: | Add-on to 8½% senior notes due Nov. 15, 2027
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| Lead left bookrunner: | Credit Suisse Securities (USA) LLC
|
| Joint bookrunners: | J.P. Morgan Securities LLC and Macquarie Capital (USA) Inc.
|
| Coupon: | 8½%
|
| Price: | 106.75
|
| Yield to worst: | 6.812%
|
| Spread: | 643 bps
|
| First call: | Nov. 15, 2023 at 104.25
|
| Trade date: | Jan. 25
|
| Settlement date: | Feb. 8
|
| Distribution: | Rule 144A and Regulation S
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| Price talk: | 106.25 to 106.75
|
| Marketing: | Drive-by
|
| Original issue: | $475 million priced in October 2020
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