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Peninsula Pacific lifts term loan B to $250 million, reduces pricing
By Sara Rosenberg
New York, Oct. 19 – Peninsula Pacific Entertainment LLC upsized its six-year covenant-light first-lien term loan B (B3/B) to $250 million from $245 million and trimmed pricing to Libor plus 725 basis points from Libor plus 750 bps, according to a market source.
Also, the original issue discount on the term loan was tightened to 99.5 from 99 and the call protection was changed to non-callable for two years, then at 101 in years two and three, from non-callable for two years, then at 102 in year two and 101 in year three, the source said.
As before, the term loan B includes a $25 million delayed-draw tranche with a ticking fee of half the spread beginning at close, and a 0% Libor floor.
Credit Suisse Securities (USA) LLC is the lead on the deal.
Recommitments were scheduled to be due at 10 a.m. ET on Friday, the source added.
Proceeds will be used to finance gaming development.
Peninsula Pacific is a Virginia gaming operator.
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