CV PropCo gets $250 million credit facility

By Sara Rosenberg

New York, Feb. 13 - CV PropCo LLC closed on a new $250 million three-year senior secured credit facility, according to an 8-K filed with the Securities and Exchange Commission Wednesday.

Deutsche Bank and JPMorgan acted as the joint lead arrangers and bookrunners on the deal that was completed on Feb. 7, with Deutsche the administrative agent and JPMorgan the syndication agent.

Pricing on the credit facility is Libor plus 350 basis points.

At closing, $200 million was drawn and the proceeds were used to fund a distribution to the company, establish an interest reserve and pay transaction expenses.

The company has the option to draw the remaining $50 million for the purchase of certain real property.

CV PropCo is a wholly owned indirect subsidiary of Station Casinos Inc., a Las Vegas-based gaming and entertainment company.

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