SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): December 17, 2004
STATION CASINOS, INC
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(Exact name of registrant as specified in its charter)
Nevada 000-21640 88-0136443
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(State or other (Commission (I.R.S. Employer
jurisdiction of incorporation) File Number) Identification No.)
2411 West Sahara Avenue, Las Vegas, Nevada 89102
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (702) 367-2411
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N/A
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(Former name or former address, if changed since last report)
ITEM 2.03. CREATION OF A DIRECT FINANCIAL OBLIGATION OR AN OBLIGATION UNDER AN
OFF-BALANCE SHEET ARRANGEMENT OF A REGISTRANT
On December 21, 2004, Station Casinos, Inc. entered into a new $1
billion revolving bank facility (the "Bank Facility"), which refinances its $500
million revolving credit facility. The Bank Facility was arranged by Banc of
America Securities, with agent banks, Bank of America, N.A., Bank of Scotland,
Deutsche Bank Trust Company Americas, Lehman Commercial Paper Inc. The Bank
Facility contains no principal amortization and matures in December 2009.
Interest on the Bank Facility accrues at a margin above the Base Rate or the
Eurodollar Rate (each as defined in the Bank Facility). The Bank Facility also
contains certain financial covenants including a maximum funded debt to EBITDA
ratio, a minimum fixed charge coverage ratio and limits on capital expenditures
and investments.
In addition, on December 17, 2004 the Company entered into a new $250
million revolving bank facility and term loan for Green Valley Ranch Station
Casino (the "Green Valley Facility"), which refinances its $250 million
revolving credit facility and term loan. The Green Valley Facility was arranged
by Banc of America Securities and Wells Fargo Bank, N.A.. The Green Valley
Facility extends the maturity of the revolving portion to December 2009 and the
term loan portion to December 2011. Interest on the Green Valley Facility
accrues at a margin above LIBOR or the Base Rate (each as defined in the Green
Valley Facility). The Green Valley Facility also contains certain financial
covenants including a maximum funded debt to EBITDA ratio, a minimum fixed
charge coverage ratio and limits on capital expenditures and investments. A copy
of the credit agreements are attached to this Current Report as Exhibit 99.1 and
99.2.
Pursuant to the requirements of the Securities and Exchange Act of
1934, the Registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
Station Casinos, Inc.
Date: December 23, 2004 By:/s/Glenn C. Christenson
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Glenn C. Christenson
Executive Vice President, Chief
Financial Officer, Chief Administrative
Officer and Treasurer