Revel Entertainment seeks amendment to lift revolver to $100 million

By Sara Rosenberg

New York, Aug. 20 - Revel Entertainment Group LLC is in discussions with lenders on an amendment to its existing credit facility that would increase its revolver to $100 million from $50 million, according to a news release.

Although the revolver is currently sized at $50 million, only $30 million of that is committed, so with the upsizing, the company is looking for and expects to receive $70 million in new commitments.

Pricing on the upsized revolver is anticipated to be Libor plus 750 basis points.

"Upon completion of this facility, we will have significant liquidity cushion through 2013 and beyond," Kevin DeSanctis, chairman and chief executive officer, said in the release.

"We are excited about what we have delivered from a product and experience perspective and remain confident our strategy and differentiated economic model will result in significant value creation for our stakeholders," DeSanctis added.

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

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