Fantasy Springs Resort to launch $130 million term loan B on Monday

By Sara Rosenberg

New York, Nov. 4 – Fantasy Springs Resort Casino (East Valley Tourist Development Authority) is scheduled to hold a lender call at 1:30 p.m. ET on Monday to launch a $130 million five-year term loan B, according to a market source.

Credit Suisse Securities (USA) LLC is the lead bank on the deal.

The term loan B is talked at Libor plus 800 basis points with a 1% Libor floor and an original issue discount of 98, the source said.

Also, the loan is non-callable for two years, then at 102 in year three and 101 in year four.

Covenants includes maximum total leverage and maximum capital expenditures.

Proceeds will be used to refinance existing debt.

Commitments are due on Nov. 18, the source added.

Fantasy Springs, operated by Indio, Calif.-based East Valley Tourist, is a full scale resort in the Coachella Valley.

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