Gun Lake ups term loan to $165 million, spread to Libor plus 950 bps

By Sara Rosenberg

New York, July 14 - Gun Lake Tribe upsized its first-lien term loan (B3/B) to $165 million from $160 million and increased pricing to Libor plus 950 basis points from Libor plus 900 bps, according to a market source.

In addition, the original issue discount widened to 97 from 98.

Call protection was changed to non-callable for three years, then at 105 in year four and 101 in year five, the source said. It was previously expected to be non-callable for two years, then at 102 in year three and 101 in year four.

The 2.5% Libor floor was left unchanged.

Goldman Sachs is the lead bank on the deal.

Proceeds will be used to refinance some of a construction loan for the Gun Lake Casino in Michigan that was provided by Station Casinos Inc., the manager of the casino.

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