MotorCity launches $446.3 million term loan B at Libor plus 275 bps

By Sara Rosenberg

New York, May 8 – MotorCity Casino Hotel launched on Monday a $446.3 million term loan B due August 2021 that is talked at Libor plus 275 basis points with a 0.75% Libor floor and 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 and Fifth Third are the leads on the deal.

Proceeds will be used to reprice an existing term loan down from Libor plus 325 bps with a 0.75% Libor floor.

Commitments are due at noon ET on Friday, the source added.

MotorCity Casino Hotel is Detroit-based casino and hotel.

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