ECL Entertainment launches $429 million loan at SOFR plus 425 bps

By Sara Rosenberg

New York, April 8 – ECL Entertainment LLC held a lender call at 4 p.m. ET on Monday to launch a $429 million first-lien term loan due August 2030 (B2/B+) that is talked at SOFR plus 425 basis points with a 0% floor and 101 soft call protection for six months, according to a market source.

Of the total term loan amount, $50 million is a fungible incremental piece talked with an original issue discount of 99.5 and $379 million is a repricing of an existing term loan talked with a par issue price, the source said.

Santander is the lead on the deal.

Commitments are due at 10 a.m. ET on Friday, the source added.

Proceeds from the incremental debt will be used to fund a joint venture investment, and the repricing will take the company’s existing term loan down from SOFR plus 475 bps.

ECL is a multi-property regional gaming company.

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