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November 24, 2009

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LV company sells $400 million in bonds

Friday, Sept. 15, 2000 | 11:19 a.m.

Casino giant Park Place Entertainment Corp. of Las Vegas sold $400 million in eight-year bonds Tuesday, surpassing initial sale expectations by $100 million.

The eight-year senior subordinated notes were priced to yield 8.875 percent. Proceeds will be used to pay down existing bank lines and for general corporate purposes.

The offering, led by Deutsche Banc Alex. Brown and Merrill Lynch, was initially set for $300 million, but was increased to $400 million after strong investor interest. The notes priced on the same day as an $850 million debt offering by MGM MIRAGE, which boosted its offering by $350 million on strong demand.

Standard & Poor's maintains a "BB+" senior subordinated debt rating on Park Place, a rating considered below investment grade. However, the company's senior debt rating is "BBB-," a rating above investment grade.

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