December 8, 2008 / 4:01 PM / in 10 years

Station Casinos extends debt exchange deadline

NEW YORK, Dec 8 (Reuters) - Station Casinos Inc said on Monday that it has extended the deadline for its debt exchange offer until Thursday, after its bondholders last week told the company that they deem the offer to be “deficient.”

The casino operator 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.

The deadline for the offer has been extended to 5 pm EST, Dec. 11, from its original deadline of Dec. 5. (Reporting by Karen Brettell; Editing by James Dalgleish)

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