WhiteHawk Capital Partners closed a $560 million senior secured credit facility to support the development of Bally’s Bronx, a planned casino and entertainment resort in New York City by Bally’s. WhiteHawk serves as agent and lead lender for the financing.
The facility comprises $400 million of closing date term loan commitments and $160 million of delayed draw term loan commitments. Proceeds will fund pre-construction costs and development expenditures associated with the $4 billion Bally’s Bronx project and provide additional liquidity for general corporate purposes.
“This financing gives Bally’s the capital to advance design, permitting and other critical development activities as it prepares for the next phase of the Bronx project,” Bob Louzan, managing partner at WhiteHawk, said. “We worked closely with the Bally’s team to structure a facility that supports the project’s development schedule and provides flexibility as the company pursues comprehensive construction financing.”
Soo Kim, chairman of the board of Bally’s, added, “WhiteHawk has proven their ability to execute complicated financings in tight timeframes and in doing so has proven themselves a fantastic capital partner for our Bally’s New York project.”
DLA Piper (U.S.) served as legal advisor to WhiteHawk.
