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$4B Fuels Build for Fontainebleau Resorts

LAS VEGAS-The financing will be used in part to pay for the construction Fontainebleau Las Vegas across the Strip from the Circus Circus resort.

By Brian K. Miller | Updated on June 07, 2007

(Read more on the debt and equity markets.)

LAS VEGAS-Fontainebleau Resorts LLC has closed on more than $4 billion of financing from a consortium led by Bank of America, Merrill Lynch, Deutsche Bank and Barclays. The locally based developer says financing will fully fund development of Fontainebleau Las Vegas, the expansion and renovation of Fontainebleau Miami Beach, and the repayment of existing debt.

As part of the financing arrangement, Fontainebleau raised $565 million in private placements of common and preferred equity. That total includes $250 million it obtained in April from Australia-based Publishing & Broadcasting Limited in exchange for the 19.6% interest in the company.

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