Rock Ohio Caesars launches $150 million of new term loans to investors

By Sara Rosenberg

New York, Aug. 8 - Rock Ohio Caesars (ROC Finance LLC) held a conference call at 3:30 p.m. ET on Wednesday to launch $150 million of new term loan debt due August 2017, according to a market source.

Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc. and Wells Fargo Securities LLC are the lead banks on the deal.

The debt consists of a $110 million first-lien incremental term loan and a $40 million delayed-draw term loan, the source said.

Price talk on both tranches is Libor plus 700 basis points with a 1.5% Libor floor and an original issue discount of 99.

The delayed-draw loan has a 225 bps ticking fee, the source added.

The debt is non-callable through August 2013, then at 102 for a year and at 101 for another year.

Proceeds will be used to finance the gaming facility at the Thistledown Racetrack.

Rock Ohio is a casino operator in the Midwest. The company is a joint venture formed by Rock Gaming LLC and Caesars Entertainment Corp.

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