Great Canadian Gaming C$400 million credit facility to launch in New York Tuesday

By Sara Rosenberg

New York, Jan. 19 - Great Canadian Gaming Corp. is scheduled to hold a bank meeting in New York on Tuesday to launch its proposed C$400 million credit facility (Ba2/BB), according to a market source.

A meeting for banks was held in Vancouver, B.C., on Friday.

The facility consists of a C$200 million Canadian revolving credit facility and a term loan B that will be the dollar equivalent of C$200 million, the source said.

Goldman Sachs and TD Securities are the lead banks on the deal, with Goldman the left lead on the term loan B and TD the left lead on the revolver.

Proceeds from the credit facility, along with C$200 million in senior subordinated notes, will be used to repay the company's C$450 million bridge facility and to provide for working capital, capital expenditures and other general corporate purposes.

The financing is expected to close in mid-February.

Great Canadian Gaming is a Richmond, B.C., gaming and entertainment operator.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.