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Bally's launches downsized $1.5 billion two-part notes wide of talk, pricing Friday
By Paul A. Harris
Portland, Ore., Aug. 5 – Bally’s Corp. downsized its two-part offering of senior notes (B3/CCC+/B) to $1.5 billion from $2 billion on Thursday, according to market sources.
Both tranches launched wide to price talk, as pricing on the deal continues to back up.
The Rule 144A and Regulation S for life offer includes eight-year non-call-three notes launched with a 5 5/8% coupon, to be priced at discount to yield 5¾%, wide of yield talk in the 5½% area. Initial guidance was in the 5¼% area.
It also includes 10-year non-call-five notes launched with a 5 7/8% coupon, to be priced at a discount to yield 6%, wide of yield talk in the 5¾% area. Initial guidance on the 10-year notes was in the 5½% area.
Tranche sizes remain to be determined.
Meanwhile timing backed up. The deal, which had been expected to price Thursday, is now slated as Friday business.
Orders were at or near the original $2 billion deal size on Thursday morning, sources said.
Deutsche Bank Securities Inc. is the left lead bookrunner. Goldman Sachs & Co. LLC, Barclays, Cfgrpi, Truist Securities Inc., Capfin and Fifth Third Securities Inc. are the joint bookrunners.
The issuing entities will be Premier Entertainment Sub, LLC and Premier Entertainment Finance Corp., escrow issuers that will be merged with Bally’s upon completion of the acquisition.
The Providence, R.I.-based casino entertainment company plans to use the proceeds to help fund its acquisition of Gamesys Group plc.
Concurrent with the downsizing of the notes $500 million of proceeds shifted to the concurrent term loan which upsized to $1.945 billion from $1.445 billion.
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