Revel AC seventh credit facility amendment extends liquidity threshold

By Caroline Salls

Pittsburgh, March 22 - Revel AC, Inc. has entered into a seventh amendment to its credit agreement with administrative and collateral agent JPMorgan Chase Bank, NA, according to an 8-K filed Friday with the Securities and Exchange Commission.

The company said it is still required by the sixth amendment to maintain a sum of the unused revolving commitments, plus the lesser of $5 million and cash and cash equivalents that is greater than the sum of minimum liquidity thresholds, reserves associated with amenities capital expenditures and any remaining availability under a basket of loans that may be used to fund capital expenditures for construction of the Day Club.

The seventh amendment modifies the credit agreement to extend a $35 million minimum liquidity threshold to April 15.

Under the seventh amendment, the definition of minimum liquidity thresholds is $75 million from Dec. 20 through Jan. 29, $66 million from Jan. 30 through Feb. 8, $59 million from Feb. 9 through Feb. 12, $55 million from Feb. 13 through Feb. 19, $50 million from Feb. 20 through Feb. 26, $35 million from Feb. 27 through March 15 and from March 16 through April 15, $45 million from April 16 through May 15 and $20 million from May 16 through July 1.

Revel is a gaming and entertainment company in Atlantic City, N.J.

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