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Moody's gives Green Valley loans Ba3, Caa1
Moody's Investors Service said it assigned a Ba3/LGD-3 first-lien bank facility rating and a Caa1/LGD-5 second-lien term loan rating to Green Valley Ranch Gaming, LLC.
The first-lien bank facility is comprised of a $30 million five-year secured revolver and a $500 million seven-year secured term loan and the $300 million second-lien term loan will mature in 7½ years, the agency said.
A B2 corporate family rating and B2 probability of default rating were also assigned, Moody's added.
The outlook is stable.
The agency noted that positive rating consideration is given to Green Valley's strong growth trends and operating margins as well as the popularity of the casino which has substantially completed its second major expansion since it opened in December 2001.
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