Greektown plans to refinance revolver, 13% notes via new loan proceeds

By Ashley Montgomery

Kansas City, Kan., Nov. 28 - Greektown Superholdings, Inc. plans to use the proceeds from its $455 million in new syndicated loans to refinance its 13% senior secured notes and revolving credit facility, according to a news release.

The company said refinancing will be composed of $340 million in first-lien term loans with maturities ranging between five and six years, a $100 million seven-year second-lien term loan and a $15 million three-year revolving line of credit.

Proceeds from the loans will also be used to pay transaction costs related to the refinancing and for general corporate purposes.

Detroit-based Greektown owns and operates a hotel and casino gaming facility in Detroit.

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