Montreign draws down final $53 million of $70 million term loan A

By Wendy Van Sickle

Columbus, Ohio, July 24 – Montreign Operating Co. LLC drew down on Monday the final $53 million available under its $70 million term loan A provided for by a Jan. 30, 2017 term loan credit agreement, according to an 8-K filing with the Securities and Exchange Commission.

Montreign had until July 24 to draw down on the term loan A and had previously drawn $9 million on May 31 and $8 million on July 9.

Proceeds of the term loan A are required to be deposited into lender-controlled accounts upon borrowing. Subject to Montreign satisfying some disbursement conditions with respect to the use of funds in the development of Resorts World Catskills, the proceeds may be used to pay debt service and costs relating to the development and construction of Resorts World Catskills and the related entertainment project and adjacent golf course.

The credit agreement also provides for a $450 million term loan B.

Credit Suisse AG, Cayman Islands Branch is the administrative agent.

Montreign Operating is a casino operator in the Hudson Valley.

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