W Las Vegas launches $260 million credit facility

By Sara Rosenberg

New York, Oct. 19 - W Las Vegas Hotel, Casino & Residences held a bank meeting on Thursday to launch its proposed $260 million credit facility, according to a market source.

Credit Suisse is the lead bank on the deal.

The facility consists of a $175 million first-lien term loan talked at Libor plus 400 basis points and an $85 million second-lien term loan talked at Libor plus 1000 bps, the source said.

Proceeds will be used to refinance existing debt.

The W Las Vegas is a joint venture between Starwood Hotels and Resorts and Edge Resorts.

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