Affinity Gaming launches $328.5 million term loan to investors

By Sara Rosenberg

New York, Jan. 6 – Affinity Gaming was scheduled to hold a lender call at 1:30 p.m. ET on Friday to launch a $328.5 million covenant-light first-lien term loan (B1/B+) due July 1, 2023, according to a market source.

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

The term loan is talked at Libor plus 350 basis points with a 1% Libor floor, the source said.

Existing lenders are being offered a 25 bps consent fee and new money is talked with an original issue discount of 99.75, the source continued.

The term loan includes 101 soft call protection for six months.

Proceeds will be used to reprice an existing first-lien term loan from Libor plus 400 bps with a 1% Libor floor.

Commitments are due at 5 p.m. ET on Thursday, the source added.

Affinity Gaming is a Las Vegas-based diversified casino gaming company.

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