Centaur Gaming sets first-and second-lien term loan talk with launch

By Sara Rosenberg

New York, Feb. 4 - Centaur Gaming released price talk on its $460 million six-year first-lien term loan B (B1/B+) and $185 million seven-year second-lien term loan (Caa1/CCC+) in connection with its bank meeting on Monday, according to a market source.

The first-lien term loan is talked at Libor plus 450 basis points with a 1.25% Libor floor and an original issue discount of 99, and the second-lien term loan is talked at Libor plus 825 bps with a 1.25% Libor floor and a discount of 98, the source said.

Included in the first-lien term loan is 101 soft call protection for one year and the second-lien term loan has call protection of 103 in year one, 102 in year two and 101 in year three.

The company's $665 million credit facility also provides for a $20 million five-year revolver (B1/B+).

Commitments are due on Feb. 15, the source added.

Goldman Sachs & Co. and Deutsche Bank Securities Inc. are the lead banks on the deal.

Proceeds will be used to fund the acquisition of Indiana Grand Casino and Indiana Downs racetrack for about $500 million, plus the assumption of certain liabilities, and refinance existing debt.

Centaur is the owner and operator of Hoosier Park Racing & Casino, a casino and racetrack located near Indianapolis.

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