Casino operator selling notes

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Tuesday, April 8, 2003 | 11:25 a.m.

Park Place Entertainment Corp. of Las Vegas, the biggest U.S. casino company, plans to sell $300 million of 10-year notes, people familiar with the sale told Bloomberg News.

Park Place will use the funds raised through the sale to pay bank debt, sources said. Bank of America Corp. and Deutsche Bank AG are managing the sale, which may conclude today or tomorrow, the people familiar with the transaction said.

The notes will yield 7 percent to 7.25 percent, the people said.

Park Place's credit is rated Ba1 by Moody's Investors Service, one level below investment grade, and BBB- by Standard & Poor's, the lowest investment grade.