Golden Entertainment draws down on revolver amid virus uncertainty

By Sarah Lizee

Olympia, Wash., March 17 – Golden Entertainment, Inc. fully drew the available amount of $200 million under its revolving credit facility on Monday, according to an 8-K filing with the Securities and Exchange Commission.

JPMorgan Chase Bank, NA is the administrative agent.

The company said the draw was made as a precautionary measure in order to increase its cash position and preserve financial flexibility in light of current uncertainty in the global markets resulting from the Covid-19 outbreak.

Proceeds may be used for working capital, general corporate or other permitted purposes.

The revolver matures on Oct. 20, 2022.

The borrowings were made as Libor loans, which have an applicable margin of 300 basis points. Based on the current one-month Libor, the effective interest rate on borrowing under the revolver will be about 3.8%.

The borrower is a Las Vegas-based gaming 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.