December 12, 2008 / 6:06 PM / in 10 years

Station Casinos extends bond offer deadline again

NEW YORK, Dec 12 (Reuters) - Station Casinos Inc on Friday said it is extending the deadline of its debt exchange offer for the second time this week, as it struggles to get bondholder agreement to extend its debt maturities.

The casino operator on Monday extended its deadline until Thursday, following a statement last week in which it said bondholders had told the company the offer was “deficient.”

The new deadline for the offer is Dec 19, Station said in a release.

The company is seeking to exchange debt for new debt with longer maturities, and is offering the new debt at a significant discount to par, with senior note holders being offered $540 per $1,000 in debt and subordinated note holders offered only $200 per $1,000 of bonds.

Station Casinos is struggling with its debt load following its management-led buyout last year.

Reporting by Karen Brettell; Editing by Diane Craft

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