S&P rates Chester Downs CCC+, loan B

Standard & Poor's said it assigned its CCC+ corporate credit rating to Chester Downs and Marina LLC.

The outlook is developing.

At the same time, the agency said it assigned Chester Downs and Marina's planned $230 million senior secured term loan maturing in June 2016 its issue-level rating of B, two notches higher than the CCC+ corporate credit rating on the company. It also assigned the loan a recovery rating of 1.

The company intends to use proceeds from the term loan to refinance existing indebtedness and to fund the purchase of Chester Downs and Marina's partnership interests, which will increase Harrah's Operating Co. Inc.'s ownership in the company to 95% from about 67%, the agency added.

© 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.