Affinity flexes incremental first-lien loan talk to Libor plus 350 bps

By Sara Rosenberg

New York, Aug. 14 – Affinity Gaming revised price talk on its $125 million incremental first-lien term B (B1/B) to Libor plus 350 basis points from Libor plus 325 bps and cancelled plans to reprice its existing first-lien term loan to Libor plus 325 bps from Libor plus 350 bps, according to a market source.

As before, the incremental first-lien term loan is talked with a 1% Libor floor, an original issue discount of 99.75 and 101 soft call protection for six months.

Talk on the company’s $100 million second-lien term loan (Caa1/CCC+) remained at Libor plus 775 bps with a 1% Libor floor, a discount of 99 and call protection of 102 in year one and 101 in year two.

Jefferies LLC is the lead bank on the $225 million in term loans.

Commitments are due on Thursday.

Proceeds will be used to refinance the company’s existing second-lien term loan and to fund a future dividend.

The use of proceeds is subject to regulatory approval.

Also, existing lenders were offered a 12.5 bps fee for an amendment request that has been approved.

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

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