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Moody's rates Capri Black Hawk loan B1
Moody's Investors Service said it assigned a B1 rating to Isle of Capri Black Hawk, LLC's new $225 million secured bank loan. The new facility will consist of a $50 million 5-year senior secured revolving credit facility and a $175 million 6-year senior secured term loan.
Moody's also affirmed Isle of Capri Black Hawk's B1 corporate family rating and B1 $40 million senior secured revolving credit facility due 2006.
The ratings outlook is stable.
The ratings consider Isle of Capri Black Hawk's dominant market position and expectation that its current expansion efforts will enhance this position and generate a level of additional cash flow that will be used to rapidly reduce the company's leverage, Moody's said.
The ratings also acknowledge that the company, an unrestricted, non-recourse subsidiary of Isle of Capri Casino, Inc., only operates in Colorado, Moody's said.
The outlook considers that the company's market has a good historical growth rate and is characterized by favorable demographics, Moody's said, adding that it considers Colorado a relatively low-risk jurisdiction with respect to gaming legislation.
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