Rock Ohio Caesars prices $570 million of credit facilities

By Paul A. Harris

Portland, Ore., March 28 - Rock Ohio Caesars (ROC Finance LLC) priced its $535 million six-year first-lien covenant-light term loan at Libor plus 375 basis points, on top of reduced pricing of Libor plus 450 bps to 475 bps, according to a market source.

The deal came with a 1.25% Libor floor, an original issue discount of 99½ and 101 soft call protection for one year.

The company's $570 million credit facility also includes a $35 million five-year revolver.

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

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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