Bally’s Corporation has won unanimous lender approval to amend its $620 million revolving credit facility (RCF). The move is tied to the planned sale and leaseback of its Twin River Lincoln Casino Resort. The company also secured a two-year extension on $460 million of commitments under the facility. The changes push part of the RCF’s
Bally’s Corporation has won unanimous lender approval to amend its $620 million revolving credit facility (RCF).
The move is tied to the planned sale and leaseback of its Twin River Lincoln Casino Resort. The company also secured a two-year extension on $460 million of commitments under the facility.
The changes push part of the RCF’s maturity date from October 1, 2026, to October 1, 2028. Lenders also approved the deal with Gaming and Leisure Properties Inc. (GLPI). That transaction is expected to generate about $735 million before expenses and taxes.
With the deal closing, Bally’s will reduce secured debt and outstanding credit facilities by $500 million. This includes a 7.5% cut to the revolver, lowering it to $574 million. The company will also make proportional repayments on its term loan and first lien notes. Those balances are expected to fall from $2.4 billion to about $1.94 billion.
The deal is still subject to regulatory approval and consent from lenders holding about $630 million in term loans, which makes up roughly a third of the total outstanding.