MotorCity finalizes $275 million term loan B at Libor plus 375 bps

By Sara Rosenberg

New York, Oct. 30 – MotorCity Casino Hotel (CCM Merger Inc.) firmed pricing on its $275 million five-year covenant-lite term loan B (Ba3/BB) at Libor plus 375 basis points, the high end of the Libor plus 350 bps to 375 bps talk, according to a market source.

The term loan still has a 0.75% Libor floor, an original issue discount of 98.5 and 101 soft call protection for six months.

BofA Securities Inc., Fifth Third Securities Inc. and Comerica Securities Inc. are the bookrunners on the deal.

Proceeds will be used with $275 million of notes to refinance an existing senior secured credit facility, refinance 6% senior notes due 2022 and fund a dividend.

MotorCity is Detroit-based casino and hotel.

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