Full House Resorts Inc. on Feb. 5 said it closed $100 million of new senior secured notes due 2024.
The company will use the proceeds to refinance its outstanding first- and second-lien credit facilities, to provide ongoing working capital and to fund capital expenditures, as well as for general corporate purposes. As of Feb. 2, Full House Resorts has $41.1 million outstanding under its first-lien credit facility and $55 million under its second-lien credit facility.
The company issued the notes with lending group Sagard Credit Partners and the interest rates of London Interbank Offer Rate plus 700 basis points, yielding an annual interest savings of about $1.1 million. There will be a 1% amortization rate, and the notes will have a maturity date of Feb. 2, 2024, or six years from the closing.
