Seminole Hard Rock talks $240 million term B at Libor plus 300 bps

By Sara Rosenberg

New York, May 1 - Seminole Hard Rock Entertainment Inc. released price talk on its $240 million seven-year covenant-light term loan B (Ba1/BBB-) at Libor plus 300 basis points with a 1% Libor floor and an original issue discount of 991/2, according to a market source.

The loan has 101 soft call protection for six months and amortizes at a rate of 1% per annum.

Bank of America Merrill Lynch and Credit Suisse Securities (USA) LLC are the lead banks on the deal that launched with a bank meeting on Tuesday.

Proceeds will be used to refinance existing debt and for general corporate purposes.

Seminole Hard Rock is an owner, operator and franchisor of Hard Rock cafes, casinos and hotels.

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