Station Casinos abandons efforts to swap pair of secured term loans for unsecured notes

Station Casinos this morning announced it was abandoning its efforts to swap a pair of 10 percent secured term loans due in 2016 for five sets of unsecured notes.

The company had extended the deadline twice since announcing the offer on Dec. 25.

The company was seeking a private exchange of the debt at a significant discount to par. Senior noteholders were being offered $540 per $1,000 in debt; subordinated noteholders are being offered $200 per $1,000 of bonds.

Some of the debt was trading as low as $80 per $1,000 when the initial offer was made.