Twin River ups term B to $270 million, firms at Libor plus 425 bps

By Sara Rosenberg

New York, March 22 - Twin River Management Group Inc. lifted its 5½ year term loan B to $270 million from $260 million and set the spread at Libor plus 425 basis points, the tight end of the Libor plus 425 bps to 450 bps talk, according to a market source.

The loan still has a 1% Libor floor, an original issue discount of 99 and 101 soft call protection for one year.

The company's now $295 million credit facility (B1/BB-), up from $285 million, also includes a $25 million five-year revolver.

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

Proceeds will be used to refinance existing debt and fund a dividend.

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

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