American Casino launches $295 million term loan at Libor plus 400 bps

By Sara Rosenberg

New York, June 11 – American Casino & Entertainment Properties LLC launched on Thursday its $295 million first-lien term loan with price talk of Libor plus 400 basis points with a 1% Libor floor and an original issue discount of 99 to 99.5, according to a market source.

The term loan has 101 soft call protection for six months, the source said.

The company’s $310 million credit facility (B2/BB-) also includes a $15 million revolver.

Goldman Sachs Bank USA and Deutsche Bank Securities Inc. are the lead banks on the deal.

Commitments are due on June 25, the source added.

Proceeds will be used to refinance existing first- and second-lien borrowings.

American Casino is a Las Vegas-based owner and operator of gaming and entertainment properties.

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