NEW YORK, Feb. 17, 2009–Standard & Poor’s Ratings Services today lowered its issue-level rating on Las Vegas, Nev.-based Station Casinos Inc.’s 7.75% senior notes to ‘D’ from ‘CC’. The rating action reflects the missed Feb. 15, 2009 interest payment on the notes. A payment default has not occurred relative to the legal provisions of the […]
Station Casinos
Station Casinos Draws $239M of Revolving Credit
Yesterday Station Casinos announced that it was drawing down $239 million of its revolving credit line. According to a filing with the SEC, the casino asked for the remaining $257 million available under its revolving credit facility and as of last Friday $239 million of that had been funded. The money will be used for […]
S&P Cuts Station Casinos Secured Debt Rating
NEW YORK, Dec. 15, 2008–Standard & Poor’s Ratings Services said today that its ‘CC’ corporate credit rating on Las Vegas-based Station Casinos Inc. remains on CreditWatch with negative implications, where it was placed Nov. 26, 2008. The ‘C’ rating on the company’s senior unsecured and subordinated debt issues also remains on CreditWatch with negative implications. […]
More Trouble for Station Casinos
Reuters reports that holders of Station Casinos’ bonds have rejected a proposed debt restructuring: Station Casinos Inc, which is fending off bankruptcy, said on Wednesday it has a received a letter from a lawyer representing its bondholders saying they view terms in a proposed debt exchange as inadequate. The statement leaves the casino operator in […]