Tropicana amends loan, setting delayed-draw loan paydown schedule

By Sara Rosenberg

New York, April 28 - Tropicana Las Vegas Hotel and Casino Inc. amended its credit facility, requiring that principal balance repayments under the delayed-draw term loan start on Jan. 31, 2013, according to an 8-K filed with the Securities and Exchange Commission on Thursday.

In addition, the definition of minimum fixed charge coverage ratio was revised and capital expenditures for improvement projects were restricted to $61.2 million in 2011 and $10 million in 2012.

Furthermore, the amendment eliminated the provision that would have released the interest reserve upon the 18 month anniversary of the credit agreement, and restricts the payment of management fees to the property manager, Trilliant Management LP, while there is a balance under the delayed-draw loan.

The amendment was completed on April 21.

Wells Fargo Bank is the administrative agent on the deal.

Tropicana is a Las Vegas-based hotel resort and casino.

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