ECL ups term loan to $335 million, flexes to Libor plus 750 bps

By Sara Rosenberg

New York, March 31 – ECL Entertainment LLC upsized its seven-year first-lien term loan (B2/B-) to $335 million from $325 million and lowered pricing to Libor plus 750 basis points from Libor plus 800 bps, according to a market source.

Also, the Libor floor on the term loan was reduced to 0.75% from 1% and the original issue discount was tightened to 99 from talk in the range of 98 to 98.5, the source said.

In addition, the call protection on the term loan was revised to non-callable for 1.5 years, then at 101 for the following two years from non-callable for 1.5 years, then at 102 for a year and 101 for a year.

The term loan still has a maximum first-lien net leverage covenant.

The company’s now $355 million of credit facilities, up from $345 million, also include a $20 million revolver (Ba2/BB-).

Credit Suisse Securities (USA) LLC is the lead arranger on the deal.

Recommitments were scheduled to be due at noon ET on Wednesday, the source added.

Proceeds will be used to refinance existing debt and finance expansion projects.

ECL is a regional gaming company.

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