Revel amends, expanding revolver and adding $125 million term loan

By Sara Rosenberg

New York, Dec. 27 - Revel AC Inc. amended its revolving credit facility with a $25 million increase in size and the addition of a new $125 million term loan due May 22, 2015, according to an 8-K filed with the Securities and Exchange Commission.

Pricing on the term loan is Libor plus 900 basis points with a 1% Libor floor. The revolver is priced at Libor plus 750 bps with a 1% Libor floor and a 40 bps unused fee.

Voluntary prepayments of term loan debt are permitted in agreed minimum amounts on or after Dec. 20, 2013, subject to reimbursement of the lenders' breakage and redeployment costs.

The term loan was used to repay revolver borrowings. It will also be used to support strategic growth plans and to provide additional capital for liquidity and funding for certain gaming projects at the company's resort in Atlantic City.

JP Morgan Chase Bank is the administrative agent on the deal.

The amendment was completed on Dec. 20.

As of Dec. 26, the company has about $23.2 million of new revolving loans.

Revel is a gaming and entertainment company in Atlantic City, N.J.

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