Seminole Hard Rock upsizes term B to $290 million, trims pricing

By Sara Rosenberg

New York, May 7 - Seminole Hard Rock Entertainment Inc. increased its seven-year covenant-light term loan B (Ba1/BB+) to $290 million from $240 million and lowered pricing to Libor plus 275 basis points from Libor plus 300 bps, according to a market source.

Also, the Libor floor on the loan was reduced to 0.75% from 1%, the source said.

The loan still has an original issue discount of 99½ and has 101 soft call protection for six months.

Bank of America Merrill Lynch and Credit Suisse Securities (USA) LLC are the lead banks on the deal.

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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