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Article: MTR Gaming, Virgin Media to Sell Bonds.(News)
- Article from:
- High Yield Report
- Article date:
- July 20, 2009
CopyrightCOPYRIGHT 2009 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Matthew Sheahan
MTR Gaming Group and Virgin Media Finance jumped into the line of issuers headed for the high yield primary market. The two companies announced plans to sell a total of $550 million in junk bonds, as companies continue to come to market despite the slower pace. As much as $1.725 billion could price this week, and a total of $2.615 billion now sits in the pipeline.
MTR Gaming Group said it plans to offer $250 million in senior secured notes due 2014. The Chester, W.Va.-based casino and racetrack operator will use the funding to finance a tender offer. The company wants holders of its $130 million in 9.75% senior notes due 2010 to ...