PCI Gaming firms $1.3 billion term loan at Libor plus 300 bps

By Sara Rosenberg

New York, May 15 – PCI Gaming Authority (Wind Creek Hospitality) set pricing on its $1.3 billion seven-year first-lien term loan at Libor plus 300 basis points, the low end of the Libor plus 300 bps to 325 bps talk, according to a market source.

Furthermore, the original issue discount on the term loan was tightened to 99.5 from 99, the source said.

The term loan still has a 0% Libor floor and 101 soft call protection for six months.

The company’s $1.4 billion of credit facilities (Ba3/BB+/BBB-) also include a $100 million revolver.

Credit Suisse Securities (USA) LLC, KeyBanc Capital Markets and Capital One are the lead arrangers on the deal.

Recommitments were scheduled to be due at noon ET on Wednesday, the source added.

Proceeds will be used to fund the acquisition of Sands Casino Resort in Bethlehem, Pa., from Las Vegas Sands Corp. for a total enterprise value of $1.3 billion.

Closing is subject to regulatory review and other customary conditions.

PCI Gaming, an authority of the Poarch Band of Creek Indians, is an Atmore, Ala.-based owner and operator of gaming and entertainment facilities.

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