Kalispel Tribal Economic Authority launches $210 million facility

By Sara Rosenberg

New York, Feb. 2 - Kalispel Tribal Economic Authority held a bank meeting on Wednesday to launch its proposed $210 million senior secured credit facility (B2/B+), according to sources.

Bank of America is the lead bank on the deal.

The facility consists of a $5 million revolver and a $205 million six-year term loan B, sources said.

Price talk on the term loan B is Libor plus 575 basis points with a 1.75% Libor floor and an original issue discount of 98, sources continued.

The B loan also includes call protection of 102 in year one and 101 in year two.

Proceeds will be used to refinance existing debt and to fund capital spending.

Airway Heights, Wash.-based Kalispel Tribal Economic Authority was created in 2007 and is the economic development arm of the Kalispel Tribe of Indians. The authority operates the Northern Quest Resort & Casino.

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