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Ameristar Casinos Obtains New Senior Credit Facility

14 November 2005

LAS VEGAS – (PRESS RELEASE) -- Ameristar Casinos, Inc. (Nasdaq: ASCA) today announced that that it has replaced its existing senior secured credit facility with a new $1.2 billion senior secured credit facility providing significantly lower interest rate margins and other more attractive terms. Deutsche Bank Securities Inc. and Wells Fargo Bank, N.A. acted as joint lead arrangers in connection with the new credit facility. Deutsche Bank Trust Company Americas is acting as administrative agent for a syndicate of commercial banks and other institutional lenders. The proceeds of the new credit facility were used to repay all $362.2 million principal amount of loans outstanding under the existing senior credit facility and will be available for Ameristar's general corporate and working capital purposes, including the anticipated redemption in February 2006 of all $380 million outstanding principal amount of Ameristar's 10-3/4% senior subordinated notes due 2009.

The new credit facility consists of a seven-year $400 million term loan, which was fully borrowed at closing, and a five-year $800 million revolving loan facility, which was undrawn at closing. Upon the satisfaction of certain conditions, Ameristar will have the option to increase the total amount available under the new credit facility by up to an additional $400 million.

The term loan bears interest at the London Interbank Offered Rate (LIBOR) plus 150 basis points or the base rate plus 50 basis points, at Ameristar's option. Borrowings under the revolving loan facility will bear interest initially at LIBOR plus 100 basis points or the base rate plus 0 basis points. The LIBOR margin is subject to adjustment between 75 and 175 basis points and the base rate margin is subject to adjustment between 0 and 75 basis points, in each case depending on Ameristar's leverage ratio. The commitment fee on the revolving loan facility will range from 25 to 50 basis points, depending on the leverage ratio.

Craig H. Neilsen, Chairman and CEO, stated: "We are extremely pleased to have obtained this new credit facility from a distinguished group of major banks and other institutional lenders. We believe it is a testament to our strong financial position and the excellent financial results we have achieved over the past several years. The new facility should provide us with the capital resources necessary to fund our planned growth and enable us to realize significant interest expense savings compared to our prior credit facility."

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