According to an 8K filed with the SEC, Citizens Bank served as administrative agent and collateral agent on a $275 million increase of the term loan under Twin River Worldwide’s existing credit facility, which now totals $575 million.
Twin River intends to repay all $250 million of borrowings under its revolving credit facility, which will continue to be available to the company.
The term loan financing satisfied the financing condition in Twin River’s agreement to purchase Eldorado Shreveport Resort and Casino and MontBleu Resort Casino & Spa from Eldorado Resorts. The acquisitions are expected to close over the course of roughly 12 months.
“With this financing, we have in excess of $600 million of cash on hand. Giving pro forma effect to repayment of our revolver and the payment for all contracted acquisitions as if they were all completed on March 31, 2020, our total liquidity still would have exceeded $210 million. This positions us to emerge from the COVID-19 shutdowns in an extraordinarily liquid position and to readily fund our planned capital investments,” George Papanier, president and CEO of Twin River, said. “We’re also positioned to take advantage of opportunities that we think will be presented to well-capitalized companies after COVID-19.”
Twin River Worldwide owns and manages seven casinos, including two in Rhode Island, one in Mississippi, one in Delaware, and three casinos as well as a horse racetrack that has 13 authorized OTB licenses in Colorado.
