STRATOSPHERE COMPLETES $203 MILLIONFIRST MORTGAGE NOTE OFFERING

PR Newswire | March 10, 1995 | Copyright

LAS VEGAS, March 10 /PRNewswire/ -- Stratosphere Corporation (Nasdaq-NNM: TOWV) announced today it has successfully completed the offering of $203 million in First Mortgage Notes. The First Mortgage Notes are due May 15, 2002. The Notes have been rated Single-B by Standard and Poors and were priced at par with a 14.25% interest rate, plus contingent interest. Contingent interest is payable in an amount equal to 10.8% of the Company's Consolidated Cash Flow, subject to certain limitations. Stratosphere's net proceeds from the offering are approximately $192,600,000.

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