Colony Resorts plans to use extension to push out loan for one year

By Sara Rosenberg

New York, May 13 - Colony Resorts LVH Acquisitions LLC plans on exercising a one-year extension option on its term loan in 2009, according to a 10-Q filed with the Securities and Exchange Commission on Wednesday.

The term loan has three one-year extensions. One was already exercised in 2008. This one, if completed, would be the second.

In order to exercise this extension, the company will be required to obtain a new extension interest rate cap agreement, pay an extension fee and any out-of-pocket expenses incurred by the lender and meet certain debt yield benchmarks.

Colony is a Las Vegas-based operator of the Las Vegas Hilton hotel/casino.

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