One Toronto firms $800 million term loan B at SOFR plus 425 bps

By Sara Rosenberg

New York, July 20 – One Toronto Gaming set pricing on its $800 million seven-year term loan B (B2/B/BB+) at SOFR plus 425 basis points, the low end of the SOFR plus 425 bps to 450 bps talk, according to market sources.

In addition, the original issue discount talk on the term loan was revised to a range of 98.5 to 99 from a range of 97.5 to 98, and then finalized at 99 after the noon ET commitment deadline passed, sources said.

Furthermore, some changes were made to documentation.

The term loan still has a 25 bps step-down at first-lien net covenant adjusted leverage of 2.25x, a 25 bps step-down upon completion of an initial public offering, a 0.5% floor and 101 soft call protection for six months.

Barclays is the left lead on the deal.

Proceeds will be used with $400 million of senior secured notes to refinance the company’s existing capital structure, to pay related fees and expenses and for general corporate purposes.

One Toronto Gaming, located in the greater Toronto area, is a gaming, entertainment and hospitality company operating under an equal-interest partnership between Great Canadian Gaming Corp. and Brookfield Business Partners and its institutional partners.

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