Seminole Tribe launches $1.19 billion term B at Libor plus 175 bps

By Sara Rosenberg

New York, April 3 – Seminole Tribe of Florida held a lender call at 3:30 p.m. ET on Tuesday to launch a $1,194,000,000 term loan B (BBB) due July 6, 2024 that is talked at Libor plus 175 basis points with a 0% Libor floor and a par issue price, according to a market source.

The term loan has 101 soft call protection for six months, the source said.

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 Fifth Third are the lead arrangers on the deal.

Commitments are due at noon ET on April 12, the source added.

Proceeds will be used to reprice an existing term loan B down from Libor plus 200 bps with a 0% Libor floor.

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

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