Bank of Nova Scotia has committed $50 million of an $80 million credit for Lido Casino to finance the construction of a new convention center. The bank is tapping existing lenders to the company for the remainder of the loan, split between a $30 million revolving credit and $50 million "A" term loan.
The deal is an add-on to a $274 million existing credit taken out by Venetian Casino Resort, and is unlikely to go into retail syndication, said a banker familiar with the deal. All-in pricing is set at LIBOR plus 4%. Officials at the company did not return calls. According to Capital DATA Loanware, Goldman Sachs was co-arranger on the deal.