Fertitta Entertainment lifts term loan amount to $3.54 billion

By Sara Rosenberg

New York, March 7 – Fertitta Entertainment LLC upsized its first-lien term loan due Jan. 27, 2029 to $3,542,250,000 from $3,242,250,000, according to a market source.

Pricing on the term loan remained at SOFR plus 375 basis points with a 0.5% floor, and the debt still has 101 soft call protection for six months.

The upsize was done through a fungible $300 million add-on term loan that will be used for general corporate purposes. The remaining portion of the term loan will be used to reprice the company’s existing first-lien term loan down from SOFR plus 400 bps with a 0.5% floor.

The new money/add-on portion of the term loan has an original issue discount of 99.75, the source said. The repricing still has a par issue price.

Jefferies LLC is the bookrunner on the deal.

Commitments to the add-on were scheduled to be due at 3 p.m. ET on Thursday, the source added. Consents for the repricing were already due at 3 p.m. ET on Wednesday.

Allocations are expected on Friday.

Fertitta Entertainment is a diversified gaming, restaurant, hospitality and entertainment company.

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