Pricing was flexed down a further 25 basis points on the CIBC World Markets-led refinancing of Isle of Capri Black Hawk's $165 million term loan. The new deal was originally intended to cut the spread down to LIBOR plus 31/4% from LIBOR plus 4% but demand drove it down to LIBOR plus 3%.
The company is taking on a "C" loan and paying down its "A" and "B" loans, according to Rex Yeisley, senior v.p, cfo and treasurer. Yeisley confirmed the downward flex.
The facility also includes a $40 million revolver priced between LIBOR plus 23/4% and LIBOR plus 31/2%, depending on leverage. Most of the previous banks have rolled in, Yeisley said. Syndication was set to close at the end of last week. CIBC bankers declined comment.