Hard Rock launches $415 million term loan at Libor plus 375-400 bps

By Sara Rosenberg

New York, Nov. 8 – Hard Rock Northern Indiana (Spectacle Gary Holdings LLC) launched on Monday its $415 million seven-year covenant-lite term loan B (B3/B/B+) with price talk of Libor plus 375 basis points to 400 bps with a 0.75% Libor floor and an original issue discount of 99, according to a market source.

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

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.

Commitments are due at noon ET on Nov. 18.

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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