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ECL Entertainment talks $380 million term B at SOFR plus 475-500 bps
By Sara Rosenberg
New York, Aug. 8 – ECL Entertainment LLC launched on Tuesday its $380 million seven-year covenant-lite term loan B (B2/B+) with price talk of SOFR plus 475 basis points to 500 bps with a 0.75% floor and an original issue discount of 98, according to a market source.
The term loan has 101 soft call protection for six months.
Deutsche Bank Securities Inc. and Citizens are the bookrunners on the deal. Citizens is the administrative agent.
Commitments are due at 5 p.m. ET on Aug. 16.
The company is also getting a new revolving credit facility.
Proceeds will be used to refinance the company’s existing capital structure.
ECL is a regional gaming company focused on the Nashville, Knoxville and Southern Kentucky markets.
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