Ginn Clubs & Resorts sets Wednesday launch for $675 million facility

By Sara Rosenberg

New York, May 5 - Ginn Clubs & Resorts firmed up timing on its proposed $675 million credit facility with the scheduling of a bank meeting for Wednesday, according to a syndicate document.

Credit Suisse is the lead bank on the deal.

The facility consists of a $165 million five-year synthetic letter-of-credit facility talked at Libor plus 300 basis points, a $385 million five-year first-lien term loan B talked at Libor plus 300 bps and a $125 million six-year second-lien term loan talked at Libor plus 650 to 700 bps, the document said.

Proceeds will be used to fund a dividend payout.

Ginn Clubs & Resorts is a Celebration, Fla., privately held resort development and management firm.

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