Fontainebleau Las Vegas to launch $1.85 billion credit facility Tuesday

By Sara Rosenberg

New York, March 2 - Fontainebleau Las Vegas is scheduled to hold a bank meeting on Tuesday to launch its proposed $1.85 billion credit facility, according to a market source.

Bank of America is the lead bank on the deal.

The facility consists of a $1 billion five-year revolving credit facility and an $850 million delayed-draw term loan, with both tranches talked at Libor plus 275 basis points, the source said.

The revolver unused fee is 50 bps, and the delayed-draw unused fee is 175 bps, the source added.

Proceeds will be used to fund the construction of a hotel and casino project in Las Vegas.

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