By Paul A. Harris
Portland, Ore., July 20 – Ontario Gaming GTA LP and OTG Co-Issuer, Inc. priced a $400 million issue of seven-year senior secured notes (B2/B/B+) at par to yield 8% on Thursday, according to market sources.
The yield printed tighter than yield talk in the 8¼% area. Early guidance was in the 8½% to 8¾% area.
Deutsche Bank managed the sale.
The Toronto-based gaming, entertainment and hospitality company plans to use the proceeds plus an $800 million term loan to refinance its capital structure and for general corporate purposes.
| Issuers: | Ontario Gaming GTA LP and OTG Co-Issuer, Inc.
|
| Amount: | $400 million
|
| Issue: | Senior secured notes
|
| Maturity: | Aug. 1, 2030
|
| Lead: | Deutsche Bank
|
| Coupon: | 8%
|
| Price: | Par
|
| Yield: | 8%
|
| Spread: | 402 bps
|
| First call: | Aug. 1, 2025 at 104
|
| Trade date: | July 20
|
| Settlement date: | Aug. 1
|
| Ratings: | Moody’s: B2
|
| S&P: B
|
| Fitch: BB+
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 8¼% area
|
| Marketing: | Roadshow
|
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