Seminole Tribe to launch $395 million term loan B-2 on Monday

By Sara Rosenberg

New York, Oct. 4 - Seminole Tribe of Florida will hold a call at 1 p.m. ET on Monday to launch a $395 million four-year term loan B-2, according to a market source.

Bank of America Merrill Lynch and J.P. Morgan Securities LLC are the lead banks on the deal.

The loan has 101 soft call protection for six months and amortization of 10% per annum, the source said.

Financial covenants include a maximum net leverage ratio of 2.5 times and a minimum interest coverage ratio of 3 times.

Proceeds will be used to refinance series 2010 bonds.

With the loan, the company is seeking an amendment to its existing credit facility to allow for future shorter dated tranches as long as they mature after the term loan B-2, the source added.

Seminole Tribe of Florida is a Hollywood, Fla.-based Indian tribe that owns and operates gaming and resort facilities throughout Florida.

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