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LAS VEGAS-Locally based Riviera Holdings Corp. has retained Wachovia Bank to market and syndicate up to $245 million of senior secured credit facilities. The public casino operator says the facilities would be comprised of a new $20-million five-year revolving credit facility and a new $225-million seven-year term loan facility.

Substantially all of the outstanding principal amount of the term loan would mature in the seventh year of the term. Riviera would be permitted to prepay the facilities without premium or penalties, subject to any arrangements Riviera may enter into related to any LIBOR-based loan.

Interest on loans under the facilities would bear interest at a rate dependent in large part upon the rating received from the rating agencies. The loans would be guaranteed by all of Riviera's active subsidiaries, the stock of those subsidiaries, and all or substantially all of the assets of Riviera and its subsidiaries.