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Fitch gives Seminole Tribe facility BBB
Fitch Ratings said it assigned a BBB rating to Seminole Tribe of Florida's gaming division's announced senior secured credit facility consisting of a $500 million revolver, $700 million term loan A and $1.2 billion term loan B.
Proceeds will be used to refinance the existing term loans, fund the planned expansions at the Tampa and Hollywood properties and for general corporate purposes.
The agency affirmed Seminole Tribe’s issuer default rating at BBB and all existing issue-specific ratings.
The outlook is stable.
Pro forma for the refinancing, Fitch said it expects Seminole Tribe’s gross leverage, including tribal debt, to remain within its sensitivities for BBB through the development phase of its Tampa and Hollywood expansions.
The overall leverage trajectory will be eased by a $500 million portion of the term loan A being delayed-draw.
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