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Seneca Gaming to pay down $325 million 8¼% senior notes on Dec. 1
By Toni Weeks
San Luis Obispo, Calif., Nov. 3 – Seneca Gaming Corp. said it plans to redeem its $325 million of 8¼% senior notes on Dec. 1 with the proceeds of a new $425 million credit facility, according to a press release.
The company will also pay off the remaining $43.8 million of term loan debt under its former senior secured credit facility.
The new credit agreement includes a $325 million term loan and a $100 million revolving credit facility and was completed with a syndicate of six banks.
According to the release, execution of the note redemption and the amortization schedule under the new bank facility will allow Seneca to be debt-free by the end of 2019.
Seneca Gaming, based in Niagara Falls, N.Y., operates the Seneca Nation of Indians’ gaming operations.
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