LAS VEGAS, March 7, 2024 /PRNewswire/ -- Station Casinos LLC (the "Company"), a consolidated subsidiary of Red Rock Resorts, Inc. (NASDAQ: RRR), announced today it priced its previously announced offering of Senior Notes due 2032 (the "Notes") at an interest rate of  6.625% per annum and an issue price equal to 100% of the principal amount of the Notes. The offering is expected to close on or about March 14, 2024, subject to customary closing conditions. The aggregate principal amount of the Notes to be issued in the offering was decreased to $500.0 million from the previously announced $750.0 million.

Concurrently with the issuance of the Notes, the Company expects to amend, amend and restate or refinance its Credit Agreement dated as of June 8, 2016, among the Company, the subsidiary guarantors party thereto, Deutsche Bank AG Cayman Islands Branch, as administrative agent and collateral agent, and the lenders party thereto (as amended, amended and restated, supplemented or otherwise modified from time to time, the "Existing Credit Agreement"), to provide for, among other things, (i) a new senior secured term "B" loan facility in an aggregate principal amount of $1,570.0 million, increased from the previously announced $1,320.0 million (the "New Term B Facility" and the term "B" loans funded thereunder, the "New Term B Loan"); (ii) a new senior secured revolving credit facility in an aggregate principal amount of $1,100.0 million (the "New Revolving Credit Facility" and, together with the New Term B Facility, the "New Credit Facilities"), and (iii) certain other amendments to the Existing Credit Agreement.

The Company intends to use the net proceeds of the Offering, together with the net proceeds of the New Term B Loan and $200.0 million of borrowings under the New Revolving Credit Facility, to (i) refinance all loans and commitments outstanding under the Existing Credit Agreement, (ii) pay fees and costs associated with such transactions and (iii) for general corporate purposes.

The Notes were offered and sold to qualified institutional buyers in accordance with Rule 144A under the Securities Act of 1933, as amended (the "Securities Act"), and to persons outside the United States in accordance with Regulation S under the Securities Act. The Notes will not be registered under the Securities Act and, unless so registered, may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws.