Gaylord gets $1 billion credit facility

By Sara Rosenberg

New York, July 28 - Gaylord Entertainment Co. closed on a new $1 billion four-year senior secured credit facility, according to a news release.

Bank of America, Deutsche Bank and Wells Fargo acted as the lead banks on the deal.

The facility consists of a $300 million revolver and a $700 million term loan, with both tranches priced at Libor plus 250 basis points.

Security is the company's hotel properties.

There is a $400 million accordion feature.

Proceeds were used to refinance the company's current bank debt and will provide availability to fund its business plan.

Gaylord is a Nashville, Tenn., hospitality and entertainment company.

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