Twin River Management Group launches $285 million credit facility

By Sara Rosenberg

New York, May 10 - Twin River Management Group Inc. held a bank meeting on Tuesday to launch a proposed $285 million senior secured credit facility (B1/BB), according to a market source.

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

The facility consists of a $25 million five-year revolver and a $260 million 61/2-year term loan, the source said.

Price talk on the term loan is Libor plus 400 basis points with a 1.25% Libor floor and an original issue discount of 99, the source continued.

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

Proceeds will be used to refinance existing debt.

Twin River Management is the owner and operator of the Twin River casino located near Providence, R.I.

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