Bally's sets wide-to-guidance price talk in $2 billion two-part notes offer, pricing Thursday

By Paul A. Harris

Portland, Ore., Aug. 5 – Bally’s Corp. set wide-to-guidance price talk in its $2 billion two-part offering of senior notes (B3/CCC+/B) on Thursday, market sources say.

Pricing on both tranches widened by 25 basis points versus initial guidance.

The Rule 144A and Regulation S for life deal includes eight-year notes that come with three years of call protection, talked to yield in the 5½% area, versus initial guidance in the 5¼% area, and 10-year notes that come with five years of call protection, talked to yield in the 5¾% area, versus initial guidance in the 5½% area.

Tranche sizes remain to be determined.

Order books were heard to be around deal size on Thursday morning, traders said.

The deal is expected to price later on Thursday.

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.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.