Station Casinos Assigned Rating
16 Jan 2004
NEW YORK – As reported by Reuters: "Standard & Poor's Ratings Services assigned its 'B+' rating to Station Casinos Inc.'s proposed $325 million senior subordinated notes due 2014. Proceeds from the notes will be used to redeem the company's $199.9 million in 8.875% senior subordinated notes due in December 2008, to repay outstanding debt under its existing bank facility, and to pay fees and expenses associated with the offering.
"At the same time, Standard & Poor's affirmed its ratings, including the 'BB' corporate credit rating, on the company. The outlook is stable. At Sept. 30, 2003, Las Vegas, Nev.-based owner of off-Strip casino properties had outstanding total debt of approximately $1.17 billion…"