Seminole firms $395 million term loan B-2 at Libor plus 200 bps

By Sara Rosenberg

New York, Oct. 11 - Seminole Tribe of Florida finalized pricing on its $395 million four-year term loan B-2 (Baa3/NA/BBB) at Libor plus 200 basis points, the low end of the Libor plus 200 bps to 225 bps talk, according to a market source.

Also, the offer price firmed at par, versus prior guidance of 99¾ to par, the source said.

The loan still has no Libor floor, 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.

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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