Century Casinos gets new $170 million term loan, $10 million revolver

By Rebecca Melvin

New York, Dec. 10 – Century Casinos Inc. entered into new credit facilities on Dec. 6, consisting of a $170 million term loan and a $10 million revolving credit facility, according to an 8-K filing with the Securities and Exchange Commission.

Macquarie Capital (USA) Inc. is the lead arranger and bookrunner. Macquarie Capital Funding LLC is the administrative agent.

The term loan was drawn down simultaneously with Century Casinos completing its acquisition of the operations of Isle Casino Cape Girardeau, Lady Luck Caruthersville and Mountaineer Casino, Racetrack and Resort from Eldorado Resorts Inc. for about $107 million on Dec. 6.

The proceeds of the new facility are also being used for repayment of about $52 million outstanding under the company’s former credit agreement with Bank of Montreal and for general working capital and corporate purposes.

The new term loan matures on Dec. 6, 2026 and the revolver matures Dec. 6, 2024.

The revolving facility includes up to $5 million available for the issuance of letters of credit.

Borrowings under the term loan bear interest at Libor plus an applicable margin that is initially 550 basis points.

Initial pricing on the revolver is Libor plus 425 bps. The revolver has a step-down to Libor plus 400 bps at 2.75x consolidated first-lien net leverage.

Both the term loan and the revolver have a 0% Libor floor.

Century Casinos is a Colorado Springs, Colo.-based international casino entertainment company.

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