Affinity Gaming refinanced its existing capital structure by closing on two new senior secured credit facilities totaling $375 million, including a $300 million term loan B facility and an undrawn $75 million revolving credit facility.

Credit Suisse served as administrative agent for the transaction. Credit Suisse, Macquarie Capital and Fifth Third served as joint lead arrangers.

Affinity is using the new $300 million term loan B along with approximately $95 million of cash on hand to call and retire its $200 million of outstanding 9% senior notes due 2018 and to repay its existing $180 million secured term loan.

As a result of the refinancing, the company’s total leverage ratio for the 12 months ended April 30, 2016 is expected to decline to approximately 4.2x from 5.3x. In addition, the company’s cash interest expense will be reduced to an annualized rate of $15 million under the new facility, compared to cash interest expense of $27.9 million in the year ended December 31, 2015.

Walter Bogumil, CFO of Affinity Gaming, said, “We appreciate the support of our lead banks and their confidence in Affinity’s financial strength and growth strategies. Since his appointment as Affinity’s CEO less than two years ago, Michael Silberling has built an operationally-focused executive team that has redefined the company’s corporate and property-level strategies and operating practices, refined marketing and promotion programs and extracted operating efficiencies while prudently allocating capital to cap-ex projects that are delivering returns”

Las Vegas-based Affinity Gaming is a diversified casino gaming company headquartered. The company’s operations consist of 11 casinos.