Revel lifts first-lien credit facility to $150 million, breaks revolver into two tranches

By Susanna Moon

Chicago, Nov. 8 - Revel AC, Inc., the parent company of Revel Entertainment Group, LLC, said it amended its first-lien credit agreement, boosting the size of the credit facility to $150 million from $75 million.

The credit facility includes a revolving credit facility that was converted into two tranches consisting of

• A tranche A-1 with a principal amount of $25 million and pricing unchanged at Libor plus 600 basis points; and

• A tranche A-2 with a principal amount of $75 million and pricing at Libor plus 650 bps.

The amendment also includes a new first-lien term loan facility consisting of a tranche B with a principal amount of $50 million and pricing at Libor plus 900 bps.

Interest on the tranche B term loans are payable-in-kind in the form of an increase of the outstanding principal amount.

JPMorgan Chase Bank, NA is the administrative agent.

Proceeds from the term loan, together with proceeds of borrowings under the revolving tranche A-2 at closing, will be used to repay outstanding revolving loans of about $58 million under the original first-lien credit agreement. Proceeds from additional revolving loans under tranche A-1 and tranche A-2 also will be used for working capital needs.

Revel, an Atlantic City, N.J.-based gaming and entertainment company.

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