One Toronto Gaming launches C$600 million equivalent term loan add-on

By Paul A. Harris

Portland, Ore., Feb. 20 – One Toronto Gaming was scheduled to launch a C$600 million equivalent fungible add-on to the Ontario Gaming GTA LP and OTG Co-Issuer, Inc. first-lien term loan B due Aug. 1, 2030 (B2/B/BB+) on a Tuesday lender call, according to a market source.

Pricing features a 425 basis point spread to SOFR atop a 0.5% floor at 99.

Soft call protection at 101 resets for six months across the entire tranche.

The loan has no financial covenants.

Commitments are due at noon ET on Friday.

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.

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