Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers O > Headlines for One Toronto Gaming > News item |
One Toronto talks $800 million term loan B at SOFR plus 425-450 bps
By Sara Rosenberg
New York, July 11 – One Toronto Gaming launched on Tuesday its $800 million seven-year term loan B with price talk of SOFR plus 425 basis points to 450 bps with a 25 bps step-down at first-lien net covenant adjusted leverage of 2.25x, a 25 bps step-down upon completion of an initial public offering, a 0.5% floor and an original issue discount of 97.5 to 98, according to a market source.
The term loan has 101 soft call protection for six months, the source said.
Barclays is the left lead on the deal.
Commitments are due at noon ET on July 20, the source added.
Proceeds will be used with $400 million of other senior secured debt to refinance the company’s existing capital structure, to pay related fees and expenses and for general corporate purposes.
One Toronto Gaming, located in the greater Toronto area, is a gaming, entertainment and hospitality company operating under an equal-interest partnership between Great Canadian Gaming Corp. and Brookfield Business Partners and its institutional partners.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.