Greektown Holdings seeks $290 million credit facility

By Sara Rosenberg

New York, Nov. 14 - Greektown Holdings LLC is in-market with a proposed $290 million senior secured credit facility (B1), according to a market source.

Merrill Lynch is the lead bank on the deal.

The facility consists of a $190 million term loan talked at Libor plus 250 basis points and a $100 million revolver talked at Libor plus 225 bps, the source said.

Proceeds from the facility, which launched last Wednesday, will be used for a refinancing and recapitalization.

The company is also marketing a $185 million offering of eight-year senior notes.

Greektown is indirectly owned by the Sault Ste. Marie Tribe of Chippewa Indians, which also owns and operates five other gaming properties in northern Michigan.

© 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.