Gun Lake Tribe $160 million term loan talked at Libor plus 900 bps

By Sara Rosenberg

New York, June 17 - Gun Lake Tribe's $160 million first-lien term loan is being talked at Libor plus 900 basis points with a 2.5% Libor floor and an original issue discount of 98, according to sources.

In addition, the loan is non-callable for two years, then at 102 in year three and 101 in year four, the source said.

Goldman Sachs is the lead bank on the deal that was launched with a bank meeting on Tuesday.

Proceeds will be used to refinance some of a construction loan for the Gun Lake Casino in Michigan that was provided by Station Casinos Inc. - the manager of the casino.

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