Greektown Holdings today placed $425 million of five-year (non-call two) secured notes at the tight end of talk, via bookrunners Jefferies, Credit Suisse, Goldman Sachs, UBS, and Wells Fargo, according to sources. Proceeds will be used to refinance existing debt and for general corporate purposes. The Detroit, Mich.-based casino emerged from Chapter 11 in 2010, issuing two series of 13% second-lien notes totaling roughly $385 million to refinance pre-petition debt. The company last tapped the leveraged markets with a $425 million first- and second-lien loan refinancing in December 2012 via Bank of America Merrill Lynch, Credit Suisse, Deutsche Bank, and Jefferies. Terms:
| Issuer | Greektown Holdings | |
| Ratings | B-/B3 | |
| Amount | $425 million | |
| Issue | 2nd-priority secured (144A-life) | |
| Coupon | 8.875% | |
| Price | 100 | |
| Yield | 8.875% | |
| Spread | T+740 | |
| Maturity | March 15, 2019 | |
| Call | nc2 | |
| Trade | Feb. 26, 2014 | |
| Settle | March 14, 2014 (T+12) | |
| Lead Books | Jeff/CS/GS/UBS/WF | |
| Px talk | 9% area |