LAS VEGAS - Station Casinos LLC, a subsidiary of Red Rock Resorts, Inc. (NASDAQ:RRR), announced its intention to offer $750 million in senior notes due 2032 through a private placement, subject to market and other conditions. These notes will be backed by the company's current and future wholly-owned restricted subsidiaries that guarantee its credit agreement obligations.
The offering coincides with the company's plans to revise its existing credit agreement, which dates back to June 8, 2016. The changes include introducing a new senior secured term B loan facility for $1.32 billion and a new senior secured revolving credit facility for $1.1 billion.
Station Casinos aims to allocate the net proceeds from this offering, alongside the new term B loan and $200 million from the new revolving credit facility, to refinance all outstanding loans under the existing credit agreement, cover transaction fees and costs, and support general corporate needs.
The notes are targeted at qualified institutional buyers under Rule 144A and international investors under Regulation S of the Securities Act of 1933. They will not be registered under the Securities Act, which means they cannot be offered or sold in the U.S. without registration or an exemption.
The company has made it clear that this press release is not an offer to sell or a solicitation of an offer to buy the notes or any other securities. The sale of the notes will not take place in any jurisdiction where it would be unlawful.
The press release contains forward-looking statements regarding the company's intentions and expectations for the future. However, there is no guarantee that the transactions will be completed as described, if at all. Red Rock Resorts, Inc. has historically disclosed factors that may cause actual results to differ in its filings with the Securities and Exchange Commission.
This news article is based on a press release statement from Station Casinos LLC, without any additional commentary or speculation.
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