Revel Entertainment seeks $50 million delayed-draw term loan

By Sara Rosenberg

New York, April 19 - Revel Entertainment Group LLC is getting a new $50 million delayed-draw term loan that is priced at Libor plus 750 basis points with a 1.5% Libor floor and an original issue discount of 98.76, according to a market source.

The coupon and floor match the existing term loan B.

In addition, the delayed-draw term loan has a 200 bps unused fee, the source said.

J.P. Morgan Securities LLC is the lead bank on the deal that has already been syndicated to some existing lenders but is now going out to the rest of the market, the source added.

Proceeds will be used to provide the company with additional liquidity.

Revel is a gaming and entertainment company.

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