Full House lands financing to purchase Silver Slipper Casino
by MBJ Staff
Published: May 2,2012
BAY ST. LOUIS — Las Vegas, Nev.-based Full House Resorts reports it has obtained financing commitments for new credit facilities totaling $75 million to fund the company’s acquisition of the Silver Slipper Casino.
The financing will consist of a $55 million first lien credit facility and a $20 million second lien facility. Capital One N.A. will serve as administrative agent for the first lien facility and Summit Partners Credit Advisors, L.P. will act as arranger for the second lien facility. The expected weighted average cash interest cost of the facilities will be approximately 8 percent. The funding of the new credit facilities is subject to documentation and other customary conditions.
Full House, in late March, made a $2.5 million escrow deposit in connection with the pending acquisition of the Silver Slipper Casino. This deposit is non-refundable except for certain customary conditions. The company is being advised on the acquisition and financing by Macquarie Capital.
“We are pleased that we were able to quickly obtain financing commitments for this acquisition at an attractive overall blended rate, which is a testament to our management team, strong cash flow and balance sheet,” said Andre M. Hilliou, chairman and CEO of Full House. “We have already commenced the licensing process in Mississippi, and we expect to close on the acquisition in the third quarter of this year.”
Full House owns, develops and manages gaming facilities. The company owns the Rising Star Casino Resort in Rising Sun, Ind., Stockman’s Casino in Fallon, Nev., and operates the Grand Lodge Casino at the Hyatt Regency Lake Tahoe Resort, Spa and Casino in Incline Village, Nev. The company also has a management agreement with the Pueblo of Pojoaque for the operations of the Buffalo Thunder Casino and Resort in Santa Fe, N.M., along with the Pueblo’s Cities of Gold and Sports Bar casino facilities.
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