Graton Economic flexes $225 million term B to Libor plus 375 bps

By Sara Rosenberg

New York, Aug. 5 – The Graton Economic Development Authority trimmed pricing on its $225 million seven-year term loan B (B2) to Libor plus 375 basis points from talk of Libor plus 400 bps to 425 bps, according to a market source.

The term loan still has a 1% Libor floor, an original issue discount of 99.5 and 101 soft call protection for one year.

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.

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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