Great Canadian lifts U.S. equivalent term B to C$875 million

By Sara Rosenberg

New York, June 14 – Great Canadian Gaming Corp. upsized its covenant-lite term loan B (B2/B+/BB+) due Nov. 1, 2026 to U.S. dollar equivalent C$875 million from U.S. dollar equivalent C$650 million, according to a market source.

Talk on the term loan remained at Libor plus 450 basis points to 475 bps with a 0.75% Libor floor, an original issue discount of 99 and 101 soft call protection for six months.

Deutsche Bank Securities Inc., Barclays, TD Securities (USA) LLC, Macquarie Capital (USA) Inc., BMO Capital Markets and Citizens Bank are the bookrunners on the deal. Deutsche is the administrative agent.

Commitments are due at noon ET on Wednesday, accelerated from noon ET on Thursday, the source added.

Proceeds will be used to help fund the buyout of the company by Apollo Global Management Inc. for C$45.00 in cash per share.

The additional term loan funds are being used to reduce the company’s previously planned size of its senior secured notes offering. The notes were launched on Monday with a size of C$425 million U.S. dollar equivalent.

Great Canadian Gaming is an Ontario-based gaming, entertainment and hospitality company.

© 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.