Deutsche Bank and Wells Fargo are leading a $1.2 billion deal for Ameristar that is set to launch tomorrow. The facility consists of an $800 million revolver and a $400 million term loan "B." Pricing has not been determined. The proceeds of the deal will be used to refinance existing debt.
Based in Las Vegas, Ameristar is a gaming entertainment company that owns and operates six properties in Nevada, Missouri, Iowa and Mississippi. The company released its second quarter earnings last week, announcing all-time second quarter records for consolidated net revenues, operating income, EBITDA, net income and earnings per share, according to filings with the Securities and Exchange Commission. It had consolidated net revenues of $238.9 million, an increase of 13.7% from the second quarter of 2004; consolidated operating income of $42.2. million, up 8% from the same time period last year. Thomas Steinbauer, senior v.p. finance, treasurer, secretary and director, did not return a call for comment.