Horseshoe launches $215 million term loan at Libor plus 725-750 bps

By Sara Rosenberg

New York, April 16 - Horseshoe Baltimore launched its $215 million seven-year term loan B on Tuesday with price talk of Libor plus 725 basis points to 750 bps with a 1.25% Libor floor and an original issue discount in the 98½ area, according to a market source.

The company's $330 million credit facility also includes a $10 million revolver, a $30 million furniture, fixtures and equipment (FF&E) term loan, a $37.5 million seven-year final maturity, delayed-draw for 12 months term loan, and a $37.5 million seven-year final maturity, delayed-draw for 18 months term loan.

Deutsche Bank Securities Inc., Credit Suisse Securities (USA) LLC and Goldman Sachs & Co. are the lead banks on the deal.

Proceeds will be used to fund the development of the Horseshoe Baltimore casino, which is a joint venture between Caesars Entertainment, Rock Gaming LLC, CVPR Gaming Holdings LLC, Stron-MD LP and PRT TWO LLC.

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