Twin River cuts spread on $350 million term B to Libor plus 275 bps

By Sara Rosenberg

New York, May 2 – Twin River Management Group Inc. lowered pricing on its $350 million term loan B to Libor plus 275 basis points from Libor plus 300 bps, according to a market source.

In addition, the original issue discount on the term loan was changed to 99.5 from 99, the source said.

The term loan still has a 0% Libor floor and 101 soft call protection for six months.

The company’s $600 million of credit facilities (Ba2/BB) also include a $250 million revolver.

Citizens Bank and Credit Suisse Securities (USA) LLC are the leads on the deal.

Recommitments were scheduled to be due at 5 p.m. ET on Thursday, the source added.

Proceeds will be used with $350 million of bonds to refinance existing debt and for general corporate purposes.

Twin River is a Lincoln, R.I.-based owner and operator of casino resorts.

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