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Montreign launches $25 million incremental first-lien term loan
By Sara Rosenberg
New York, Jan. 5 – Montreign Operating Co. LLC launched a fungible $25 million incremental first-lien term loan with original issue discount talk of 99.5 to par, according to a market source.
Pricing on the incremental loan is Libor plus 825 basis points with a 1% Libor floor, and the debt is non-callable for 2.5 years, then at 102 for a year and 101 for a year.
Covenants include a maximum leverage ratio, a minimum interest coverage ratio and maximum capital expenditures.
Credit Suisse Securities (USA) LLC is the lead bank on the deal.
Commitments are due at noon ET on Friday, the source added.
Proceeds will be used to shift funds from the company’s Furniture, Fixtures & Equipment financing to term loan B debt.
Montreign Operating is a casino operator in the Hudson Valley.
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