Moody’s gives B3 to Jamul, loans

Moody's Investor's Service said it assigned a B3 corporate family rating and B3-PD probability of default rating to Jamul Indian Village Development Corp.

The agency also assigned a B3 to Jamul's $460 million credit facility comprised of a $15 million five-year senior secured priority revolver, $335 million six-year senior secured funded term loan B and six-year $110 million senior secured delayed draw term loan B.

The outlook is stable.

Proceeds will be used to finance the remainder of Hollywood Casino Jamul casino development and repay both development loans fronted by Penn National Gaming, Inc. (Ba3 stable) and a subordinated note due to Lakes Entertainment, Inc., the previous manager of the project. Hollywood Casino Jamul will be a class III gaming facility located in San Diego County, Calif., about 20 miles east of San Diego.

The project will be developed and managed by San Diego Gaming Ventures, LLC, a subsidiary of Penn National Gaming, Inc. It is expected to open in July 2016.

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