Harmon Koval Secures Loans

SG Corporate & Investment Banking has launched syndication of $270 million in senior secured term loans for Harmon Koval Partners, a partnership between Starwood Hotel & Resorts and Edge Resorts.

  • 11 Nov 2005
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SG Corporate & Investment Banking has launched syndication of $270 million in senior secured term loans for Harmon Koval Partners, a partnership between Starwood Hotel & Resorts and Edge Resorts. The deal consists of a $195 million first lien and a $75 million second-lien term loan. Pricing is tied to ratings from Standard & Poor's and Moody's Investors Service. The second lien has call protection of 101 for the first year.

The loans will be used to refinance an existing $95 million facility, fund pre-development reserve accounts and interest reserve accounts, pay a dividend to sponsors and acquire 3.8 acres of new land on which a W Hotel & Casino and Residence will be built. The company already has 20.7 acres on Harmon Avenue Corridor and the combined land mass will be used as collateral to secure the term loans.

Edge Resorts is indirectly wholly owned by Regan Silber, Trevor Pearlman and Adam Frank. The Edge Group was formed in December 2004 for the purpose of constructing, owning, operating, managing and conducting gaming facilities at a facility near or on 200 East Harmon Road in Las Vegas. The White Plains, N.Y.-based Starwood Hotels & Resorts, has more than 730 properties in about 80 countries. It owns such brands as Four Points, Sheraton, Westin and W Hotels. It had sales of about $5.7 billion in revenues and $1.2 billion in EBITDA for the 12 months ending June 30. Calls to Vasant Prabhu, executive v.p. and cfo, were not returned.

  • 11 Nov 2005

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