Riviera Holdings Seeks $245M in Credit Facilities

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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.