Fantasy Springs Resort wraps $130 million term loan B at 97.5 OID

By Sara Rosenberg

New York, Dec. 19 – Fantasy Springs Resort Casino (East Valley Tourist Development Authority) allocated its $130 million five-year term loan B on Monday after widening during syndication the original issue discount to 97.5 from 98, according to a market source.

Pricing on the loan is Libor plus 800 basis points with a 1% Libor floor.

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.

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

Proceeds will be used to refinance existing debt.

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

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