All casino debt to be refinanced
The Snoqualmie Indian Tribe of Washington State has finalized a refinancing transaction with the closing of a new five-year $310 million credit facility. The deal was led by Bank of America Merrill Lynch working with CIT, Key Bank and Capital One Bank. Proceeds from the new credit facility will be used to refinance all of the existing debt at the Snoqualmie Casino, according to a statement from the company.
Thanks to the arrangement, the tribe will enjoy lower interest rates; increased cash distributions to the tribal government; better services and benefits to tribal members; and a more flexible financial covenant and debt repayment schedule.
The new transaction also includes an accordion feature for additional borrowing during the credit facility term, should the tribe pursue capital improvements or expansion at the casino.
“We wanted to refinance in the most responsible manner possible to ensure both the best interest rates and to reduce our debt,” said Carolyn Lubenau, Snoqualmie Tribal Council chairwoman. “This transaction allowed us to secure a financing that met all of our goals in seeking a refinancing. Working with our advisors and the banks, the tribe has secured a brighter future for the Snoqualmie people with this refinance.”
