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Boca Resorts Closes on $325M Senior Credit Facility

BOCA RATON, FL-This consists of a term loan with $200 million in principal, which the company intends to use to redeem its outstanding 9 7/8% senior subordinated notes, and a revolving credit facility with $125 million in principal, which the company plans to use to replace its existing facility maturing in June 2005 as well as for general corporate purposes.

By Melissa Bogdany | Updated on July 23, 2004

BOCA RATON, FL-Boca Resorts Inc., a Boca Raton, FL-based company that owns and operates luxury resort properties in Florida, has closed on a $325-million senior credit facility. The paper consists of a $200-million principal-term loan and a $125 million principal revolving credit facility. The company plans to use the proceeds from the term loan to redeem its outstanding 9 7/8% senior subordinated notes. Firm officials explains that they also plan to use the revolving credit facility to replace its existing revolving credit facility set to mature in June 2005 as well as for general corporate purposes. The company expects to redeem the outstanding senior subordinated notes by the end of August.Boca Resorts’ portfolio includes the Boca Raton Resort & Club in Boca Raton; the Registry Resort at Pelican Bay, the Edgewater Beach Hotel and Naples Grande Golf Club in Naples; and the Hyatt Regency Pier 66 Resort and Marina, the Radisson Bahia Mar Resort and Yachting Center, and Grande Oaks Golf Club in Fort Lauderdale.

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