MotorCity launches $345 million term loan B at Libor plus 225 bps

By Sara Rosenberg

New York, Oct. 17 – MotorCity (CCM Merger Inc.) held a lender call at 12:30 p.m. ET on Wednesday to launch a $345 million term loan B that is talked at Libor plus 225 basis points with an original issue discount of 99.875, according to a market source.

The term loan has 101 soft call protection for six months, the source said.

Bank of America Merrill Lynch is the lead bank on the deal.

Proceeds will be used to reprice an existing term loan down from Libor plus 275 bps with a 0.75% Libor floor.

Commitments are due on Tuesday, the source added.

MotorCity is Detroit-based casino and hotel.

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