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Octavius Tower increases proposed six-year term loan to $450 million
By Sara Rosenberg
New York, March 8 - Octavius Tower upsized its six-year senior secured term loan to $450 million from $400 million, according to sources.
Price talk on the loan remained at Libor plus 800 basis points with a 1.25% Libor floor and an original issue discount of 99.
The loan is non-callable for 18 months, then at 103, 102, 101, sources said.
At the original size, the loan was rated B3 by Moody's Investors Service, B+ by Standard & Poor's and B- by Fitch Ratings. Following the upsizing, S&P cut the loan rating to B.
J.P. Morgan Securities LLC is the lead bank on the deal.
Proceeds will be used to fund the completion of the Octavius Tower at Caesars' Palace Las Vegas and the development of a retail, dining and entertainment corridor on the Las Vegas strip.
Covenants under the term loan include a first-lien leverage ratio.
Octavius Tower is a subsidiary of Caesars Entertainment Corp., a Las Vegas-based casino entertainment company.
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