Rock Ohio Caesars to launch $570 million credit facility on Monday

By Sara Rosenberg

New York, March 15 - Rock Ohio Caesars (ROC Finance LLC) will host a lender call at 2 p.m. ET on Monday to launch a $570 million credit facility, 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 facility consists of a $35 million five-year revolver and a $535 million six-year first-lien covenant-light term loan, the source said.

Price talk on the term loan is Libor plus 450 basis points to 475 bps with a 1.25% Libor floor and an original issue discount of 991/2, the source said.

The term loan has 101 soft call protection for one year.

Proceeds will be used to refinance existing first-lien debt and fund the acquisition of the Higbee Building.

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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