Caesars Growth details $1.32 billion; Air Methods upsizes, tightens

By Paul A. Harris

Portland, Ore., April 12 – In Wednesday's loan market Caesars Growth Properties Holdings, LLC detailed $1,318,000,000 of first-lien term loans due May 2021.

The repricing/refinancing deal, via Credit Suisse Securities (USA) LLC, features two tranches. It includes $1,143,000,000 of the debt that is being repriced at Libor plus 325 basis points from 525 bps and a $175 million Libor plus 375 bps incremental loan.

The spreads on both tranches float atop 1% Libor floors.

Both tranches are talked at 99.75 to par.

There is a reset six-month soft call at 101.

Commitments are due at 5 p.m. ET on April 20.

And Air Methods Corp. upsized its seven-year term loan B to $1.22 billion from $1.07 billion.

At the same time the spread to Libor tightened to 350 basis points from 375 bps, and the reoffer price was increased to 99.5 from 99.

The deal now features an MFN provision at 50 bps for the life of the loan.

The 1% Libor floor remains unchanged, as does the 101 soft call protection for six months.

Recommitments were due at 5 p.m. ET on Wednesday.

RBC Capital Markets, Morgan Stanley Senior Funding Inc., Barclays, Citigroup Global Markets and Jefferies Finance LLC are the lead banks on the deal.

The credit facilities also include a $125 million five-year revolver.

With the upsize of the term loan a secured aircraft financing was downsized by $150 million.

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