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November 16, 2009

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Vegas casino-resort operator to sell $200 million in notes

Thursday, Aug. 10, 2000 | 10:25 a.m.

Mandalay Resort Group of Las Vegas said Wednesday it intends to sell $200 million of high-yield senior unsecured notes, just weeks after selling $500 million in notes.

The eight-year notes will be issued at 9.5 percent, with the proceeds paying down borrowings from Mandalay's revolving credit facility.

Standard & Poor's assigned its BB+ rating to the new notes, affirmed its ratings on other Mandalay debt and said the outlook is stable.

S&P said the ratings reflect "the company's good portfolio of gaming assets, which are expected to provide a stable cash flow base, offset by high leverage and the company's ongoing share repurchase program."

Bloomberg News reported the sale may be greater than $200 million because demand is strong for Mandalay's high-yield notes, also known as junk bonds.

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