S&P rates Spectacle Gary term loan B-

S&P said it assigned a B- rating to Spectacle Gary Holdings LLC’s proposed $325 million term loan and $25 million delayed-draw term loan. The recovery rating is 3 (rounded estimate: 65%).

The agency assigned its BB- issue level rating to the company’s proposed $10 million priority revolver. The recovery rating is 1+ (rounded estimate: 100%).

Spectacle Gary plans to use proceeds to help fund construction and development of the Hard Rock Northern Indiana casino in Gary, Ind.

S&P assigned the company a B- rating.

The outlook is stable.

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