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Research Update: Circus And Eldorado Joint Venture's Proposed Senior Secured Notes Assigned Preliminary 'B-' Rating Feb 12 Product Image

Research Update: Circus And Eldorado Joint Venture's Proposed Senior Secured Notes Assigned Preliminary 'B-' Rating Feb 12

  • Published: February 2012
  • Standard & Poors

Abstract
Reno-based gaming operator Circus and Eldorado Joint Venture announced a $120 million senior secured notes offering and will use proceeds, along with a portion of excess cash on the balance sheet and a planned equity contribution, to refinance its existing notes due March 1, 2012. We are assigning the proposed senior secured notes our preliminary 'B-' issue-level rating, with a preliminary recovery rating of '3'. We are also revising the CreditWatch implications on our 'CCC-' corporate credit rating on the company to developing, from negative. The CreditWatch developing listing reflects the downside risk given the company's near-term refinancing needs and the upside potential should the company successfully execute the proposed transaction. On Feb. 6, 2012, Standard & Poor's Ratings Services...

Companies mentioned in this report are: Circus and Eldorado Joint Venture,Silver Legacy Capital Corp.
Action: CreditWatch Update
Action: New Rating
Action: Preliminary Rating

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Circus and Eldorado Joint Venture,Silver Legacy Capital Corp.

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