MotorCity Casino Hotel launches $615 million B loan at OID of 99½

By Sara Rosenberg

New York, Feb. 1 - MotorCity Casino Hotel launched a $615 million six-year term loan B on Tuesday at an original issue discount of 991/2, according to a market source.

Price talk on the B loan is Libor plus 525 basis points with a 2% Libor floor.

The company's $635 million credit facility (B+) also includes a $20 million five-year revolver.

Bank of America and Citadel are leading the deal.

Proceeds will be used to refinance existing debt.

MotorCity Casino Hotel is a casino in Detroit.

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