Horseshoe ups term loan to $225 million, flexes to Libor plus 700 bps

By Sara Rosenberg

New York, April 25 - Horseshoe Baltimore upsized its seven-year term loan B to $225 million from $215 million and lowered pricing to Libor plus 700 basis points from talk of Libor plus 725 bps to 750 bps, according to a market source.

In addition, the original issue discount on the term loan B was revised to 99 from the 98½ area, the source said.

The loan still has a 1.25% Libor floor.

The company's now $340 million credit facility, up from $330 million, also includes a $10 million revolver (B3/B-), 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 (B3/B-), and a $37.5 million seven-year final maturity, delayed-draw for 18 months term loan (B3/B-).

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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