Hard Rock Northern Indiana talks term loan at Libor plus 800-825 bps

By Sara Rosenberg

New York, Sept. 25 – Hard Rock Northern Indiana (Spectacle Gary Holdings LLC) launched on Wednesday its $350 million six-year first-lien term loan with price talk of Libor plus 800 basis points to 825 bps with a 1% Libor floor and an original issue discount of 98, according to a market source.

The term loan is non-callable for 18 months, then at 102 and 101, the source said.

The term loan has maximum leverage, maximum capital expenditures and minimum EBITDA covenants.

Of the total term loan amount, $25 million is delayed-draw.

Credit Suisse Securities (USA) LLC and Wells Fargo Securities LLC are the lead arrangers on the deal.

Commitments are due at 5 p.m. ET on Oct. 10.

Proceeds will be used to fund the construction of the Hard Rock Northern Indiana.

Hard Rock Northern Indiana is a land-based casino in Gary, Ind.

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