Search
 

Riviera Holdings Obtains $245M in Credit

LAS VEGAS-The new senior secured credit facilities will be used to refinance its 11% Senior Secured Notes due June 15, 2010.

By Brian K. Miller | Updated on June 14, 2007

LAS VEGAS-Amid buyout offers, Riviera Holdings Corp. has closed on $245 million of new senior secured credit facilities to replace its 11% senior secured notes due June 15, 2010 and a five-year senior secured credit facility from 2002. Riviera, owner of the Riviera hotel casino here among other properties, started the 30-day call period to redeem those notes on June 8.

The new credit facilities include a $20-million five-year revolving credit facility and a $225-million seven-year term loan. Most of the outstanding principal amount of the term loan will mature in the seventh year of the term.

Riviera entered into floating to fixed rate swap for substantially the entire term loan at a rate of LIBOR plus 2%, or effectively 7.48%. Riviera is permitted to prepay the facilities without premium or penalties.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.