Elad Las Vegas launches $825 million term loan

By Sara Rosenberg

New York, June 25 - Elad Las Vegas held a bank meeting on Monday to launch its proposed $825 million term loan, according to a market source.

Credit Suisse and Goldman Sachs are the lead banks on the deal.

The term loan is being talked at Libor plus 275 basis points, the source said.

Proceeds will be used to help fund Elad Group's acquisition of the New Frontier hotel in Las Vegas for about $1.2 billion.

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