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Seminole launches $395 million term loan B-2 at Libor plus 200-225 bps
By Sara Rosenberg
New York, Oct. 7 - Seminole Tribe of Florida launched on Monday its $395 million four-year term loan B-2 with price talk of Libor plus 200 basis points to 225 bps with no Libor floor and an offer price of 99¾ to par, according to a market source.
The loan has 101 soft call protection for six months and amortization of 10% per annum.
Financial covenants include a maximum net leverage ratio of 2.5 times and a minimum interest coverage ratio of 3 times.
Bank of America Merrill Lynch and J.P. Morgan Securities LLC are the lead banks on the deal.
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.
Consents for the amendment are due at 5 p.m. ET on Thursday and commitments for the B-2 loan are due at noon ET on Friday, 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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