Cannery Casino to launch $565 million credit facility on Thursday

By Sara Rosenberg

New York, Sept. 12 - Cannery Casino Resorts LLC is scheduled to hold a bank meeting at 2 p.m. ET on Thursday to launch a $565 million credit facility, according to a market source.

Deutsche Bank Securities Inc., Bank of America Merrill Lynch, Goldman Sachs & Co., Wells Fargo Securities LLC, Credit Suisse Securities (USA) LLC and Macquarie Capital are the lead banks on the deal.

The facility consists of a $40 million five-year revolver (B2), a $350 million six-year first-lien term loan (B2) and a $175 million seven-year second-lien term loan (Caa2), the source said.

Proceeds will be used to repay bank debt and some PIK preferred stock.

Cannery Casino is a Las Vegas-based owner and operator of hotels and casinos.

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