Isle of Capri to launch $650 million credit facility Wednesday

By Sara Rosenberg

New York, Jan. 3 - Isle of Capri Casinos Inc. is scheduled to hold a bank meeting Wednesday to launch its proposed $650 million senior secured credit facility (BB-), a company spokesman told Prospect News on Monday.

CIBC is the sole bookrunner and administrative agent on the deal.

The facility consists of a $400 million five-year revolving credit facility and a $250 million six-year term loan B, the spokesman said.

The term loan B maturity can be extended if the company refinances its 9% notes by a certain time, the spokesman added.

Furthermore, the term loan B can be upsized by an additional $250 million at a later date. Of the $250 million greenshoe, $50 million can be added to the tranche during syndication if the deal is oversubscribed, the spokesman explained.

Proceeds will be used to refinance existing bank debt and for general corporate purposes.

Through this credit facility, the company will gain "additional flexibility to continue with expansion plans," the spokesman said.

The deal is expected to close around the end of the month.

Isle of Capri is a Biloxi, Miss., developer, owner and operator of branded gaming facilities and related lodging and entertainment facilities.

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