Hard Rock ups spread on $415 million term loan to Libor plus 425 bps

By Sara Rosenberg

New York, Nov. 18 – Hard Rock Northern Indiana (Spectacle Gary Holdings LLC) increased pricing on its $415 million seven-year covenant-lite term loan B (B3/B/B+) to Libor plus 425 basis points from talk in the range of Libor plus 375 bps to 400 bps, according to a market source.

Also, the 101 soft call protection on the term loan was extended to one year from six months, and amortization was revised to 10% in years one and two and 5% thereafter, from 5% per annum, the source said.

The term loan still has a 0.75% Libor floor and an original issue discount of 99.

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.

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

Final commitments are due at noon ET on Friday, 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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