Lake Las Vegas launches $533 million term loan B

By Sara Rosenberg

New York, April 21 - Lake Las Vegas Resort held a bank meeting on Thursday to launch its $533 million five-year term loan B, according to a syndicate document.

Credit Suisse First Boston is the sole lead arranger and the sole bookrunner on the deal.

The term loan B is priced with an interest rate of Libor plus 275 basis points, the document said.

Proceeds will be used to refinance existing debt. Basically, the company is increasing its first-lien term loan B, which had an original size of $435 million when it was obtained in 2004, in order to repay its second-lien term loan, which had an original size of $125 million. Furthermore, pricing on the new larger term loan B is 25 basis points higher than pricing on the company's existing term loan B. The second-lien term loan that is being taken out carries an interest rate of Libor plus 550 basis points.

"I think they're only going out to existing guys on that," a market source added regarding the new term loan B.

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

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