Bally’s increases term loan B amount to $1.95 billion

By Sara Rosenberg

New York, Aug. 5 – Bally’s Corp. upsized its seven-year covenant-lite term loan B to $1.945 billion from $1.445 billion and downsized its senior unsecured notes offering to $1.5 billion from $2 billion, according to a market source.

Talk on the term loan remained at Libor plus 300 basis points to 325 bps with a 0.5% Libor floor and an original issue discount of 99.5.

The term loan has 101 soft call protection for six months, a ticking fee of half the margin from days 46 to 90 and the full margin thereafter, and amortization of 1% per annum.

Goldman Sachs Bank USA, Deutsche Bank Securities Inc., Barclays, Citizens Bank, Truist, Capital One and Fifth Third are the bookrunners on the deal. Deutsche Bank is the administrative agent.

Commitments were scheduled to be due at 5 p.m. ET on Thursday and allocations are expected on Friday, the source added.

Proceeds will be used to help fund the acquisition of Gamesys Group plc, a London-based online gaming operator.

Bally’s is a Providence, R.I.-based casino-entertainment company.

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