Twin River syndicates $275 million term loan at Libor plus 800 bps

By Sara Rosenberg

New York, April 30 – Twin River Worldwide Holdings Inc. successfully syndicated a $275 million incremental term loan due 2026 that is priced at Libor plus 800 basis points and is being issued with an original issue discount of 97, according to a news release.

The term loan is non-callable for 18 months, then at 104.5 for a year.

Funding is expected on May 11.

The term loan is expected to satisfy the financing contingency for the acquisitions of the Eldorado Shreveport Resort and Casino in Shreveport, La., and the Mont Bleu Resort Casino & Spa in Lake Tahoe, Nev., from Eldorado Resorts Inc. for an aggregate purchase price of $155 million.

Closing in the Shreveport and Mont Bleu transaction is expected in the first half of 2021, subject to receipt of FTC and gaming regulatory approvals, financing and other customary conditions.

The company also announced on Thursday that it intends to repay $250 million of revolver borrowings.

Giving effect to the additional term loan and revolver repayment, Twin River had in excess of $385 million in cash on hand at March 31, and $250 million of revolver capacity.

“While we remain optimistic about reopening, this additional financing ensures we have the financial resources necessary to continue funding operations, servicing our obligations, and pursing organic and strategic growth opportunities through the Covid-19 crisis,” said George Papanier, president and chief executive officer, in the release. “We look forward to further enhancing our financial profile and expanding our geographic presence.”

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

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.