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LV firm refinancing debt

Monday, March 1, 2004 | 11:16 a.m.

Station Casinos Inc. Friday announced the sale of $350 million in senior subordinated debt due March 2016. Proceeds from the offering will be used to buy back a portion of the $375 million outstanding offering of senior subordinated debt due December 2010.

The notes were sold in a private transaction. The company also completed the redemption of a remaining $52.3 million in senior subordinated notes.

Debt rating agency Moody's Investors Service assigned a B1 rating to the $350 million debt issue. The agency also confirmed the company's existing debt ratings and said the rating outlook remains stable.

"Station's ratings reflect its leverage improvement, good internal and external growth prospects, highly successful Thunder Valley Casino opening, strong development track record" and the expectation that the company will manage its debt to cash flow ratio, the agency said.

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