Octavius Tower seeks $400 million term loan at Libor plus 800 bps

By Sara Rosenberg

New York, Feb. 28 - Octavius Tower is talking its $400 million six-year senior secured term loan at Libor plus 800 basis points with a 1.25% Libor floor and an original issue discount of 99, according to a market source.

J.P. Morgan Securities LLC is the lead bank on the deal that was launched with a call on Friday.

Proceeds will be used to fund the completion of the Octavius Tower at Caesars' Palace Las Vegas and the development of a retail, dining and entertainment corridor on the Las Vegas strip.

Covenants under the term loan include a first-lien leverage ratio.

Octavius Tower is a subsidiary of Caesars Entertainment Corp., a Las Vegas-based casino entertainment company.

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