One Toronto Gaming prices $450 million term loan at SOFR plus 425 bps at 99.5 OID

By Paul A. Harris

Portland, Ore., Feb. 23 – One Toronto Gaming priced a $450 million fungible add-on to the Ontario Gaming GTA LP and OTG Co-Issuer, Inc. first-lien term loan B due Aug. 1, 2030 (B3/B/BB) on Friday, according to a market source.

The loan features a 425 basis points spread to SOFR, atop a 0.5% floor, on top of spread talk and floor talk.

The issue price is 99.5, rich to price talk of 99.

Soft call protection at 101 is refreshed for six months across the entire tranche, the pro forma size of which is $1,248,000,000.

The maturity, spread and floor are the same as those of the existing loan.

As with the existing loan, the add-on has no financial covenants.

Deutsche Bank is the left bookrunner. Joint bookrunner BMO is the administrative agent. Barclays, CIBC, Scotia, TD, Macquarie, SMBC, Apollo and Brookfield Capital Solutions are also joint bookrunners.

The Canada-based casino operator plans to use the proceeds to fund a distribution to its shareholders.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.