By Paul A. Harris
Portland, Ore., April 9 – Peninsula Pacific Entertainment LLC and Peninsula Pacific Entertainment Finance Inc. priced a $300 million tap of their 8˝% senior notes due Nov. 15, 2027 (Caa1/B-) at 105.5 to yield 7.068%, according to a syndicate source.
The Rule 144A and Regulation S deal priced at the rich end of 105 to 105.5 price talk.
Credit Suisse Securities (USA) LLC is the left bookrunner. J.P. Morgan Securities LLC and Macquarie are the joint bookrunners. Ricevo is the co-manager.
The notes become callable on Nov. 15, 2023 at 104.25
Proceeds will be used to facilitate the contribution of del Lago Casino & Hotel into Peninsula Pacific Entertainment by refinancing existing debt at Lago.
The issuer owns gaming and racing facilities in Virginia and Iowa.
The original $475 million issue priced in October 2020.
| Issuers: | Peninsula Pacific Entertainment LLC and Peninsula Pacific Entertainment Finance Inc.
|
| Issue: | Senior notes
|
| Amount: | $300 million
|
| Maturity: | Nov. 15, 2027
|
| Bookrunners: | Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC and Macquarie
|
| Co-managers: | Ricevo
|
| Coupon: | 8˝%
|
| Price: | 105.5
|
| Yield: | 7.068%
|
| Call features: | Nov. 15, 2023 at 104.25
|
| Trade date: | April 9
|
| Ratings: | Moody’s: Caa1
|
| S&P: B-
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 105 to 105.5
|
| Original issue: | $475 million priced in October 2020
|
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