Hard Rock Northern Indiana to launch $415 million term loan on Monday

By Sara Rosenberg

New York, Nov. 5 – Hard Rock Northern Indiana (Spectacle Gary Holdings LLC) is scheduled to hold a lender call at 10 a.m. ET on Monday to launch a $415 million seven-year covenant-lite term loan B, according to a market source.

Wells Fargo Securities LLC is the lead arranger on the deal.

The term loan has 101 soft call protection for six months and amortization of 5% per annum, the source said.

Security is a senior secured interest in all gaming assets, revenues, furniture, equipment and all other assets of the borrower and guarantors, subject to customary real property and other exclusions.

Commitments are due at noon ET on Nov. 18, the source added.

Proceeds will be used to refinance existing debt and pay related fees and expenses.

Hard Rock Northern Indiana is a 200,000 square foot, full-service gaming facility and entertainment complex located in Gary, Ind.

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