Stockbridge/SBE gets $185 million loan from Mesa at Libor plus 800 bps

By Angela McDaniels

Tacoma, Wash., May 7 – Stockbridge/SBE Investment Co., LLC subsidiary Stockbridge/SBE Holdings, LLC entered into a $185 million loan with Mesa West LV SA, LLC on May 1, according to an 8-K filing with the Securities and Exchange Commission.

The loan is comprised of an initial advance of $162.5 million and a future advance revolving amount of $22.5 million, all of which has been fully funded.

The loan will mature in four years and bears an interest rate of Libor plus 800 basis points, with a minimum interest rate of 8˝%.

The loan is secured by a first-priority lien on all the assets of the borrower and the parent company.

The proceeds of the loan will be used to repay the principal amount outstanding on Stockbridge/SBE Holdings’ roughly $150 million senior construction facility and the balance due on its roughly $22.5 million revolving credit facility, among other things.

Stockbridge is based in Las Vegas and owns the SLS Las Vegas, a casino and hotel.

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