Key Takeaways
- • Lowenstein Sandler's Real Estate practice closed an amendment and restatement increasing a syndicated secured credit facility from $350 million to $800 million for a New York-based hedge fund client with more than $7 billion in discretionary assets under management.
- • The hedge fund acts as lead lender, alongside other lenders, to a leading U.S. operator of casinos and card rooms and its affiliates.
- • The amended facility permits future acquisitions of casinos, hotels, and card rooms by the borrower, subject to lender approval, and allows subordinate and pari-passu debt and further syndication optionality.
- • The deal is the latest in the borrower's continued expansion in gaming, with the client having funded casino, card room, and hotel acquisitions in Nevada, Colorado, Utah, Louisiana, and Washington state.
Summary
Lowenstein Sandler LLP's Real Estate practice has closed an amendment and restatement of a syndicated secured credit facility, increasing the facility from $350 million to $800 million, according to a firm announcement. The client is a New York-based hedge fund with more than $7 billion in discretionary assets under management, which serves as lead lender alongside other lenders. The borrower is a leading operator of casinos and card rooms in the United States and its affiliates.
Beyond the increase in credit, the amendment makes several structural modifications. It permits the borrower to acquire additional casinos, hotels, and card rooms in the future, subject to lender approval. It also allows the lenders to make subordinate and pari-passu debt and provides further syndication optionality, giving the lead lender flexibility in how the facility is distributed among participants.
The transaction is presented by Lowenstein as the latest step in the borrower's continued growth in the gaming industry. With assistance from the firm's Real Estate practice, the hedge fund client has previously funded the acquisition of casinos, card rooms, and hotels for the borrower in Nevada, Colorado, Utah, Louisiana, and the state of Washington.
The Lowenstein team on the transaction included Ted Hunter, Stuart S. Yusem, Keith Janowitz, Stacey C. Tyler, Steven Tanico, Patricia K. Perez, and Scott Siegel. The source is a law firm press release, and the announcement does not disclose pricing terms, interest rates, or the names of the borrower or the other lenders.
Beyond the increase in credit, the amendment makes several structural modifications. It permits the borrower to acquire additional casinos, hotels, and card rooms in the future, subject to lender approval. It also allows the lenders to make subordinate and pari-passu debt and provides further syndication optionality, giving the lead lender flexibility in how the facility is distributed among participants.
The transaction is presented by Lowenstein as the latest step in the borrower's continued growth in the gaming industry. With assistance from the firm's Real Estate practice, the hedge fund client has previously funded the acquisition of casinos, card rooms, and hotels for the borrower in Nevada, Colorado, Utah, Louisiana, and the state of Washington.
The Lowenstein team on the transaction included Ted Hunter, Stuart S. Yusem, Keith Janowitz, Stacey C. Tyler, Steven Tanico, Patricia K. Perez, and Scott Siegel. The source is a law firm press release, and the announcement does not disclose pricing terms, interest rates, or the names of the borrower or the other lenders.
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