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Revel amends loan terms with JPMorgan for minimum liquidity thresholds
By Susanna Moon
Chicago, March 6 - Revel AC, Inc. amended its credit agreement on Feb. 28 with JPMorgan Chase Bank, NA as administrative agent to change some of the minimum liquidity thresholds, according to an 8-K filing with the Securities and Exchange Commission.
The minimum liquidity thresholds were revised to
• $75 million from Dec. 20, 2012 through Jan. 29, 2013;
• $66 million from Jan. 30, 2013 through Feb. 8, 2013;
• $59 million from Feb. 9, 2013 through Feb. 12, 2013;
• $55 million from Feb. 13, 2013 through Feb. 19, 2013;
• $50 million from Feb. 20, 2013 through Feb. 26, 2013;
• $35 million from Feb. 27, 2013 through March 15, 2013;
• $50 million from March 16, 2013 through April 15, 2013;
• $45 million from April 16, 2013 through May 15, 2013; and
• $20 million from May 16, 2013 through July 1, 2013.
The amendment also lowers the permitted maximum issuance amount of letters of credit issued by JPMorgan in favor of a general contractor to $7.95 million to allow for loans to be drawn up to $1.55 million to complete capital expenditures and to remove a certification covenant for certain payables, the filing noted.
The amendment adds a new required reserve amount associated with loans used to complete certain capital expenditures.
The company continues to be required to maintain a sum of the unused revolving commitments plus the lesser of (1) $5 million and (2) cash and cash equivalents that is greater than the sum of the minimum liquidity thresholds and certain reserves associated with amenities capital expenditures.
Revel is a gaming and entertainment company in Atlantic City.
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