Rock Ohio revises issue price on $150 million term loans to par ½

By Sara Rosenberg

New York, Aug. 14 - Rock Ohio Caesars (ROC Finance LLC) changed the issue price on its $150 million of new term loan debt due August 2017 to a premium of par ½ from an original issue discount of 99, according to a market source.

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

Pricing on both tranches is still Libor plus 700 basis points with a 1.5% Libor floor, with the delayed-draw loan having a 225 bps ticking fee.

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

With the new term loans, the company is also getting a $10 million add-on revolver.

Recommitments were due at 5 p.m. ET on Tuesday, the source added.

Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc. and Wells Fargo Securities LLC are the lead banks on the $160 million deal (B1).

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.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.