Twin River Management trims term loan B amount to $300 million

By Sara Rosenberg

New York, May 3 – Twin River Management Group Inc. downsized its term loan B to $300 million from $350 million and upsized its senior notes offering to $400 million from $350 million, according to a market source.

Pricing on the term loan B is Libor plus 275 basis points with a 0% Libor floor and an original issue discount of 99.5.

The term loan B has 101 soft call protection for six months.

Earlier in syndication, the spread on the term loan B was lowered from Libor plus 300 bps and the discount was tightened from 99.

The company’s now $550 million of credit facilities, down from $600 million, also include a $250 million revolver.

Citizens Bank and Credit Suisse Securities (USA) LLC are the leads on the deal.

Proceeds from the credit facilities and bonds will be used to refinance existing debt and for general corporate purposes.

Twin River is a Lincoln, R.I.-based owner and operator of casino resorts.

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