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Lake Las Vegas launches $125 million DIP facility
New York, May 29 - Lake Las Vegas held a bank meeting on Wednesday to launch a $125 million debtor-in-possession financing facility, according to a syndicate document.
The deal is coming to market via sole lead arranger Credit Suisse.
Interest is Libor plus 750 basis and the loan matures in one year.
Lake Las Vegas is a Henderson, Nev., residential, golf and resort community.
Its bankruptcy case is under Village Hotel Investors, case number 08-13043, filed April 1 in the U.S. Bankruptcy Court for the District of Nevada.
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