S&P rates OpBiz loan B-

Standard & Poor's said it assigned its B- rating and a recovery rating of 2 to OpBiz LLC's $496 million senior secured credit facility.

Proceeds from the bank facility were used to help the company fund the August purchase of the Aladdin Hotel & Casino.

In addition, S&P assigned a B- corporate credit rating to OpBiz.

S&P said the ratings on OpBiz reflect the company's high pro forma debt leverage, cash flow concentration in Las Vegas, potential disruptions associated with the planned re-branding project of the Aladdin to the Planet Hollywood Resort & Casino, a moderate size cash flow base and highly competitive market environment.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.