Affinity Gaming firms $300 million term loan at Libor plus 400 bps

By Sara Rosenberg

New York, June 14 – Affinity Gaming set pricing on its $300 million seven-year first-lien term loan at Libor plus 400 basis points, the low end of the Libor plus 400 bps to 425 bps talk, according to a market source.

In addition, the original issue discount on the term loan was tightened to 99.5 from 99, the source said.

As before, the term loan has a 1% Libor floor, 101 soft call protection for six months and a first-lien secured leverage covenant.

Commitments are due at noon ET on Wednesday, accelerated from Friday, the source added.

The company’s $375 million credit facility (B1/BB-) also includes a $75 million undrawn revolver.

Credit Suisse Securities (USA) LLC, Macquarie Capital (USA) Inc. and Fifth Third Bancorp are the leads on the deal.

Proceeds from the term loan B along with $90 million of cash on hand will be used to call the company’s $200 million of 9% senior notes due 2018 and repay its existing $180 million secured term loan.

Total leverage will decline to 4.2 times from 5.3 times with the refinancing.

Affinity Gaming is a Las Vegas-based casino owner and operator.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.