Company sells $100 million in bonds

Friday, March 22, 2002 | 11:14 a.m.

Coast Resorts Inc. announced Thursday it has closed on an offering of $100 million in bonds.

The senior subordinated notes were priced to yield 9.5 percent interest, and become due in 2009. The notes were an add-on to $225 million in senior subordinated notes already outstanding. The notes were offered by Coast Hotels and Casinos Inc., a wholly-owned subsidiary of Coast Resorts.

The bonds were sold at a premium to face value, as the Las Vegas-based casino operator said it netted $103 million from the offering. Proceeds will be used to repay debt on the company's senior secured credit facility.

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