Shingle Springs Tribal cuts term loan to $215 million, raises pricing

By Sara Rosenberg

New York, Aug. 15 - Shingle Springs Tribal Gaming Authority downsized its six-year term loan to $215 million from $240 million and raised pricing to Libor plus 500 basis points from Libor plus 425 bps, according to sources.

Also, the loan is now non-callable for two years, then at 102 in year three and 101 in year four, instead of having 101 soft call protection for six months, and amortization is boosted to 3% per annum from 1%, sources said.

The term loan still has a 1.25% Libor floor and an original issue discount of 99.

BofA Merrill Lynch is the lead bank on the deal.

Proceeds will be used to refinance existing debt.

As part of the refinancing, the company is selling $275 million of notes, upsized from $250 million with the term loan downsizing.

Shingle Springs Tribal Gaming Authority is the El Dorado County, Calif.-based overseer of the operations at RedHawk Casino.

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