![]() ![]() ![]() Moody's cited the improvement in operating performance since the company's casinos reopened, "including robust free cash flow generation that exceeded $500 million over the last 12 months and a reduction in debt-to-EBITDA to below 4.0x as of September 2021." Moody's today upgraded the issuer rating on Station Casinos to B1 from B2, and it boosted the unsecured rating to B3 from Caa1 and the secured revolver and term loan ratings to Ba3 from B1. Proceeds will also be used for general corporate purposes. The net proceeds, together with borrowings under a revolving credit facility, will be used to pay a special dividend of approximately $344 million to holders of the company's outstanding limited liability company interests, including parent Red Rock Resorts Inc., and to purchase up to $350 million of its common stock via an equity tender offer. The deal finalized at the tight end of guidance circulated in the 4.75% area. Morgan, Fifth Third, Citizens, BNP Paribas, Truist, Citi, Goldman Sachs and KeyBanc Capital Markets, according to market sources. Station Casinos LLC has priced a $500 million offering of 4.625% 10-year senior notes via joint bookrunners BofA Securities, Deutsche Bank, Wells Fargo, J.P. ![]()
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