The Seminole Tribe of Florida announced that it entered into a new senior secured credit agreement. The new credit agreement provides for a seven-year, $750 million term loan that is secured by a pledge of revenues generated by certain of the Seminole Tribe’s gaming facilities.
Bank of America Merrill Lynch acted as the administrative agent for the lenders, and Bank of America Merrill Lynch and Credit Suisse acted as joint lead arrangers and joint bookrunners and Credit Suisse acted as the syndication agent.
The proceeds from the term loan, along with cash on hand, will be used to repay the Seminole Tribe’s existing term loan that matures in 2014, for general corporate purposes and to pay related fees and expenses arising in connection with the transaction.
A sovereign entity governed by an elected Tribal Council, the Seminole Tribe has long been recognized for innovation in its gaming and other businesses.