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.

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