Seminole sets Tuesday launch for $700 million term loan

By Sara Rosenberg

New York, Feb. 12 - Seminole Hard Rock Entertainment Inc. has scheduled a bank meeting for Tuesday to launch its proposed $700 million term loan, according to a market source.

The deal was originally supposed to launch on Feb. 6 but that bank meeting was canceled because of management time issues.

Merrill Lynch is the lead bank on the loan.

Proceeds from the term loan will be used to help fund the acquisition of The Rank Group plc's Hard Rock business, a rock-music based entertainment brand, for $965 million.

Seminole Hard Rock Entertainment, Inc. is a wholly owned subsidiary of the Seminole Tribe of Florida, a Hollywood, Fla.-based operator of hotels and casinos.

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