Golden Nugget Biloxi gets $100 million credit facility via Jefferies

By Sara Rosenberg

New York, Nov. 29 - Golden Nugget Biloxi Inc. allocated and closed on a $100 million credit facility on Thursday that was led by Jefferies & Co., according to a market source.

The facility consists of a $5 million 31/2-year revolver and a $95 million four-year term loan, the source said.

Pricing on the term loan is Libor plus 875 basis points with a 1.25% Libor floor, and was sold at an original issue discount of 98.

The term loan is non-callable for one year then at 101 in year two, the source added.

Proceeds are being used to fund the roughly $45 million acquisition Isle Casino Hotel in Biloxi, Miss., (which is being renamed Golden Nugget Biloxi) by Landry's Inc. from Isle of Capri Casinos Inc. and the renovation of the property.

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