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Moody's rates Riverboat loan B3
Moody's Investors Service said it assigned a B3 corporate family rating and Caa1 probability of default rating to Riverboat Corp. of Mississippi, Inc., the owner/operator of the Golden Nugget Biloxi Hotel and Casino.
Moody's also assigned a B3 (LGD3-33%) rating to the company's proposed $95 million guaranteed senior secured term loan due 2016.
Riverboat's $5 million senior secured first out revolving credit facility expiring in June 2016 was rated Ba3 (LGD1-1%).
The outlook is stable.
Proceeds from the proposed loan, along with $25 million of contributed cash common equity from Tilman Fertitta and affiliates, were used to acquire the Riverboat Corp. of Mississippi from Isle of Capri Casinos Inc. for roughly $42 million, and to provide approximately $70 million to fund a renovation of the property.
The property will be renamed the Golden Nugget Biloxi Hotel and Casino.
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