Lake Las Vegas $460 million credit facility to launch Oct. 13

By Sara Rosenberg

New York, Oct. 4 - Lake Las Vegas Resort is scheduled to hold a bank meeting Oct. 13 to launch its proposed $460 million credit facility, according to market sources.

Credit Suisse First Boston is the lead bank on the deal.

The facility consists of a $360 million first-lien term loan and a $100 million second-lien term loan, one source said. Price talk is not yet available.

Proceeds will be used to "take out some equity" and refinance the existing credit facility, "which is currently very small," the source added.

Lake Las Vegas is a Henderson, Nev., residential, golf and resort community.

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