Golden Entertainment successfully completed syndication of its financing commitments to fund its pending acquisition of American Casino & Entertainment and to refinance Golden’s outstanding debt at closing.

J.P. Morgan, Credit Suisse, Macquarie Capital and Morgan Stanley acted as joint lead arrangers for the syndication of the credit facilities, which consist of a $800 million first lien term loan priced at LIBOR+300 with 0.5% OID and a $200 million second lien term loan priced at LIBOR+700 with 1.5% OID.

Maturities on the first and second lien term loans are seven and eight years, respectively. In addition, the credit facilities will provide for a $100 million unfunded revolver to support future growth opportunities. Based on the syndicated pricing of the new term loans, the company’s expected weighted average interest rate on its funded debt at closing will be approximately 5%.

“We are pleased with the capital markets’ receptivity to our strategy and the financial profile created by the pending acquisition of American Casino & Entertainment,” said Charles Protell, chief strategy officer and chief financial officer. “The strong financial performance of both Golden and American in the first half of 2017 reinforces the merits of this transaction for our shareholders and the potential to accelerate value creation through operational synergies as well as new strategic opportunities.”

Las Vegas-based Golden Entertainment owns and operates gaming properties across two divisions – distributed gaming and resort and casino operations.