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Montreign Operating to launch $375 million term loan on Friday
By Sara Rosenberg
New York, Nov. 14 – Montreign Operating Co. LLC is scheduled to hold a bank meeting at 9 a.m. ET in New York on Friday to launch a $375 million six-year first-lien term loan, according to a market source.
Credit Suisse Securities (USA) LLC is the lead bank on the deal.
Price talk on the term loan is Libor plus 800 basis points to 850 bps with a 1% Libor floor and an original issue discount of 98, the source said.
The term loan is non-callable for 2.5 years, then at 102 for a year and 101 for a year.
Covenants include a maximum leverage ratio, a minimum interest coverage ratio and maximum capital expenditures.
Proceeds will be used to fund the development of the Montreign Resort Casino in the Hudson Valley region in New York.
Commitments are due on Dec. 2, the source added.
Montreign Operating is a casino operator in the Hudson Valley.
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