Maverick Gaming to launch $300 million term loan B on Monday

By Sara Rosenberg

New York, Aug. 5 – Maverick Gaming LLC is scheduled to hold a lender call at 11 a.m. ET on Monday to launch a $300 million seven-year covenant-lite term loan B (B3/B-), according to a market source.

Deutsche Bank Securities Inc., Credit Suisse Securities (USA) LLC and Jefferies LLC are the bookrunners on the deal, with Deutsche the administrative agent.

Price talk on the term loan is Libor plus 725 basis points to 750 bps with a 50 bps step-down when secured net leverage is less than 4x, a 1% Libor floor and an original issue discount in the 98 area, the source said.

The term loan is non-callable for one year, then has a 101 hard call for one year.

Commitments are due at 5 p.m. ET on Aug. 17, the source added.

Proceeds will be used to refinance the company’s existing capital structure.

Maverick Gaming is a Kirkland, Wash.-based owner and operator of regional casinos and cardrooms.

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