MTR Gaming gets $85 million amended, restated revolver

By Sara Rosenberg

New York, Jan. 3 - MTR Gaming Group Inc. closed on a new $85 million amended and restated senior secured revolving credit facility due April 1, 2008, according to an 8-K filed with the Securities and Exchange Commission Tuesday.

Wells Fargo Bank was lead bank on the deal.

Initially, borrowings under the revolver will carry an interest rate of Libor plus 400 basis points with a 75 bps commitment fee, but the rate can range from Libor plus 200 to 400 bps and the commitment fee can range from 37.5 to 75 bps based on leverage.

The revolver, which closed Dec. 27, has a $55 million sub-facility for standby letters of credit.

Borrowings are available for working capital requirements, the payment of a $50 million fee for a gaming license from the Pennsylvania Gaming Control Board and for other general corporate purposes.

MTR is a Chester, W. Va.-based owner and operator of thoroughbred and harness racetracks, racinos and traditional casinos.

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