Hard Rock Northern Indiana launches new $415M refinancing term loan

Hard Rock Northern Indiana has launched a new $415 million term loan B to refinance existing debt. Wells Fargo is the sole lead arranger on the transaction, and has scheduled a lender call for Nov. 8 at 10 a.m. ET.

Commitments are due on Nov. 18 at noon ET.

The seven-year covenant-lite facility will carry six months of 101 soft-call protection, and 5% amortization. The current issuer name is Spectacle Gary Holdings LLC, to be changed to HRNI Holdings LLC.

Hard Rock Northern Indiana is a land-based casino located in Gary, Ind. Hard Rock Café International acquired an 85% stake in Hard Rock Casino Northern Indiana from Spectacle Entertainment late in 2019. Spectacle retained a 15% holding in the firm.

The issuer was last in the market in 2019 with a $345 million term loan used to fund the construction of the casino. That six-year term loan, which came alongside a $25 million delayed-draw term loan, was priced at L+900 with a 2% Libor floor.