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Tribe sells bonds to finance casino
Casino Snoqualmie is well on the way to becoming a reality. The Snoqualmie Tribe announced Monday, Jan. 29, that it closed on a $330 million deal to finance casino construction and opening costs.
"Today marks a proud day in our history as a Tribe and marks an important milestone in our journey to achieve economic development and secure a better future for our children," said Chief Jerry Enick of the Snoqualmie Tribe. "After a 46-year struggle to achieve our federal recognition as a tribe, and another eight years to achieve today's historical event, the Tribe looks forward to many more triumphs in the years to come."
Tribe representatives hit the road the past two weeks to offer the sale of bonds to potential investors to help finance construction of the casino. The financing was underwritten by Bear Stearns, a worldwide investment banking and securities trading and brokerage firm.
The Snoqualmie Entertainment Authority - the tribal subsidiary in charge of casino financing, construction, development and opening - issued $200 million senior secured fixed-rate notes due 2015 and $130 million floating-rate notes due 2014. A senior note is a bond that takes priority over other debt securities sold by the issuer; a fixed-rate note has a set rate while a floating-rate note changes with its money market reference rate.
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