Santa Anita gets new $75 million credit facility

By Sara Rosenberg

New York, Oct. 14 - The Santa Anita Cos. Inc. closed on a new $75 million secured term loan credit facility with an interest rate of Libor plus 200 basis points, according to an 8-K filed with the Securities and Exchange Commission Thursday. Wells Fargo was the lead bank on the deal.

The facility matures on Oct. 7, 2007 but can be extended for two years at the company's option.

At the close on Oct. 8, the company drew down close to $27 million under the term loan.

Proceeds can be used to make distributions to the parent company to repay debt, to pay transaction costs, for working capital, and for general corporate purposes, the filing said.

Santa Anita is a subsidiary of Magna Entertainment Corp., an Aurora, Ont.-based racetrack company.

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