Graton Economic launches $225 million term B at Libor plus 400-425 bps

By Sara Rosenberg

New York, July 28 – The Graton Economic Development Authority launched on its call on Tuesday a $225 million seven-year term loan B with price talk of Libor plus 400 basis points to 425 bps with a 1% Libor floor and an original issue discount of 99.5, according to a market source.

The term loan B has 101 soft call protection for one year, the source said.

Bank of America Merrill Lynch, Wells Fargo Securities LLC, U.S. Bank NA, Capital One and Fifth Third Bank are the leads on the transaction.

Commitments are due at noon ET on Aug. 7, the source added.

Proceeds will be used to fund a tender offer for 9 5/8% senior secured notes due Sept. 1, 2019.

The tender offer will expire on Aug. 31.

Graton is a Rohnert Park, Calif., authority formed to develop, construct and operate all gaming and related businesses of the Graton Rancheria Tribe, including the Graton Resort & Casino in Sonoma County.

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