Las Vegas casino giant issuing notes
Wednesday, March 6, 2002 | 11:10 a.m.
Park Place Entertainment Corp. announced today it has priced a $375 million offering of senior subordinated notes. The sale is expected to close March 14.
The eight-year notes are priced to yield 7.875 percent. Park Place said it will use proceeds to pay down bank debt.
Standard & Poor's assigned a BB-plus rating to the notes, which is considered just below investment grade. At the same time, S&P affirmed its investment-grade BBB-minus corporate credit rating on Park Place, as well as its negative outlook.
Though S&P analyst Craig Parmelee said he believed debt reduction would be a "strategic priority" for the company over stock buybacks or growth opportunities, he warned a future downgrade remains possible.
"Park Place's capital structure is highly leveraged for the current rating level following the events of Sept. 11, despite its recent progress in reducing debt,"' Parmelee wrote. "Ratings could be lowered if debt balances are not reduced during 2002 or if operations do not begin to rebound, allowing credit measures to return to levels more consistent with current ratings."
archive
- Most Read
- Discussed
- Most E-mailed
- Live Blog: Pacquiao wins by TKO in round twelve
- Police seek man who stole $2,000 worth of clothing
- Clubs want to be ‘good citizen,’ so stripper-mobile ends its run
- Nuclear plant in Ely could complicate radioactive waste, water issues
- Floyd Mayweather Jr. and Manny Pacquiao: The only fight fans want to see
- Now we can all see Islamic extremism for what it truly is
- Manny Pacquiao says he feels stronger than ever
- Small city struggles with shocking allegations
- Ensign Federal Credit Union fails
- Bruised and battered, Cotto says he will fight again
Blogs
Elsewhere
Dana White continues to push for event in Abu Dhabi
Politics: Ralston's Flash
Harry Reid is powerful for Northern Nevada, too!
The Kats Report
New face of Monte Carlo includes all the faces of Caliendo
The Greene Room
Predicting this weekend's Mountain West football slate (2 Comments)
Top Chef: Las Vegas
Top Chef Episode 11: Child's play
Miech Again
UNLV prez Smatresk is ready for some basketball (11 Comments)
Politics: The Early Line
Harry Reid's fourth TV ad begins running today
Calendar »
- 15 Sun
- 16 Mon
- 17 Tue
- 18 Wed
- 19 Thu
-
Actor's Expo at Rave Motion Pictures
Rave Motion Pictures Town Square 18 | 3 p.m. to 5 p.m.
-
Lily Tomlin at the Hollywood Theatre
Hollywood Theatre at MGM Grand
-
Neil Sedaka at the Orleans
Orleans Hotel-Casino
-
Supernatural Santana – A Trip Through the Hits at The Joint
The Joint
The Sun
Locally owned and independent for more than 50 years.
Technorati





