Revel amends credit agreement to change minimum liquidity thresholds

By Jennifer Chiou

New York, Feb. 19 - Revel AC Inc. entered into on Feb. 12 an amendment to its credit agreement with JPMorgan Chase Bank, NA as administrative agent and collateral agent, according to an 8-K filed with the Securities and Exchange Commission.

The filing stated that the company continues to be required to maintain a sum of the unused revolving commitments plus the lesser of (a) $5 million and (b) cash and cash equivalents, excluding cage cash and certain other escrow or blocked accounts, that is greater than the sum of the minimum liquidity thresholds and certain reserves associated with amenities capital expenditures.

The amendment changed some of the minimum liquidity thresholds and associated time periods as follows:

• $75 million from Dec. 20, 2012 through Jan. 29, 2013;

• $66 million from Jan. 30, 2013 through Feb. 8, 2013;

• $59 million from Feb. 9, 2013 through Feb. 12, 2013;

• $55 million from Feb. 13, 2013 through Feb. 19, 2013;

• $50 million from Feb. 20, 2013 through April 15, 2013;

• $45 million from April 16, 2013 through May 15, 2013; and

• $20 million from May 16, 2013 through July 1, 2013.

The 8-K added that the changes also amended the revolving credit agreement to allow JPMorgan Chase Bank to issue up to a $9.5 million letter of credit in favor of a general contractor instead of a $9.5 million escrow as the source for payment of the general contractor.

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

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