Golden Nugget flexes $1.08 billion term loan to Libor plus 325 bps

By Sara Rosenberg

New York, Sept. 11 – Golden Nugget Inc. reduced pricing on its $1.08 billion incremental first-lien term loan (Ba3) due October 2023 to Libor plus 325 basis points from Libor plus 350 bps, according to a market source.

The incremental loan still has a 0.75% Libor floor, an original issue discount of 99.5 and 101 soft call protection for six months.

Jefferies LLC, Citigroup Global Markets Inc., Rabobank, KeyBanc Capital Markets LLC and Citizens Bank are the leads on the deal.

Commitments are due at 4 p.m. ET on Tuesday, accelerated from Thursday, the source said.

Proceeds will be used to help refinance existing debt and fund a shareholder distribution.

Other funds for the transaction will come from a $745 million add-on senior unsecured notes offering and a $670 million subordinated notes offering.

In connection with the incremental term loan, pricing on the company’s existing term loan will be increased from Libor plus 275 bps with a 0.75% Libor floor to match the new loan pricing.

Golden Nugget, formerly known as Landry’s Inc., is a diversified restaurant, hospitality and entertainment company.

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