Montreign firms $35 million incremental term loan B at 99.75 OID

By Sara Rosenberg

New York, May 24 – Montreign Operating Co. LLC finalized the original issue discount on its fungible $35 million incremental first-lien term loan B due January 2023 at 99.75, the tight end of the 99.5 to 99.75 talk, according to a market source.

Pricing on the incremental loan is Libor plus 825 basis points with a 1% Libor floor.

The debt is non-callable through July 23, 2019, then at 102 through July 23, 2020 and at 101 through July 23, 2021.

Covenants include a maximum leverage ratio, a minimum interest coverage ratio and maximum capital expenditures.

Credit Suisse Securities (USA) LLC, Fifth Third and Nomura are the lead banks on the deal.

Proceeds will be used to reduce an equity contribution.

Existing lenders were offered a 5 bps amendment fee.

Montreign Operating is a casino operator in the Hudson Valley.

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