ClubCorp Club Operations amends credit facility with Citicorp

By Toni Weeks

San Luis Obispo, Calif., Oct. 2 - ClubCorp Club Operations Inc. amended its credit facility with Citicorp NA, Inc. as administrative agent and collateral agent on Sept. 30, according to a press release.

The company previously amended the facility to provide revolving commitments of $135 million with an additional $75 million of revolving credit and term loan combined. The company may expand the facility if certain covenants are met.

Borrowings under the term loan facility, which now matures in July 2020, will bear interest at the higher of 4% and Libor plus 300 basis points, effective Sept. 25.

The revolver matures in September 2018 and bears interest at Libor plus 300 bps. As previously reported, the revolving commitments are conditioned on at least $150 million of proceeds from the completion of an initial public offering by ClubCorp Holdings, Inc. prior to Oct. 31.

ClubCorp is a Dallas-based owner and operator of golf courses, country clubs, private business and sports clubs, and resorts.

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