Station Casinos extends debt-swap deadline

Station Casinos has extended the deadline for a $2 billion debt exchange program, again.

The announcement, made through a filing today with the Securities and Exchange Commission, is the second time this week the locals gaming company has extended its debt-swap deadline from the original Dec. 5 date.

The new deadline is Dec. 19.

The company has been struggling since Nov. 25 to persuade holders of nearly $2.088 billion in company debt to exchange it for new debt with longer maturities.

On Dec. 3, Station Casinos announced it had received a letter from a committee representing 66 percent of the outstanding notes stating the swap offer was “deficient.”

The group said it did not intend to participate, but would like to talk to the casino company about the committee’s “concerns,” something the company would do.

There has been no update on if those discussions have begun.

The casino operator is seeking to exchange the debt at a significant discount to par, with senior note holders being offered $540 per $1,000 in debt and subordinated note holders offered $200 per $1,000 of bonds.

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