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Hard Rock Northern Indiana to launch $350 million loan on Wednesday
By Sara Rosenberg
New York, Sept. 23 – Hard Rock Northern Indiana (Spectacle Gary Holdings LLC) will hold a bank meeting at 10 a.m. ET in New York on Wednesday to launch a $350 million six-year first-lien term loan, according to a market source.
Credit Suisse Securities (USA) LLC and Wells Fargo Securities LLC are the lead arrangers on the deal.
Of the total term loan amount, $25 million is delayed-draw, the source said.
The term loan has maximum leverage, maximum capital expenditures and minimum EBITDA covenants.
Proceeds will be used to fund the construction of the Hard Rock Northern Indiana.
Commitments are due at 5 p.m. ET on Oct. 10, the source added.
Hard Rock Northern Indiana is a land-based casino in Gary, Ind.
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