HOLLYWOOD, Fla., April 29, 2013 /PRNewswire/ -- The Seminole Tribe of Florida, or the Seminole Tribe, today announced that it has entered into a new senior secured credit agreement. The new credit agreement provides for a seven-year, $750.0 million term loan that is secured by a pledge of revenues generated by certain of the Seminole Tribe's gaming facilities. The proceeds from the term loan, along with cash on hand, will be used to repay the Seminole Tribe's existing term loan that matures in 2014, for general corporate purposes and to pay related fees and expenses arising in connection with the transaction.
Standard & Poor's and Fitch Ratings assigned a BBB- rating to the senior secured credit agreement. Moody's assigned a Baa3 rating to the senior secured credit agreement.
Bank of America Merrill Lynch acted as the Administrative Agent for the lenders, and Bank of America Merrill Lynch and Credit Suisse acted as Joint Lead Arrangers and Joint Book Runners and Credit Suisse acted as the Syndication Agent.
Greenberg Traurig, P.A. and Eric Dorsky P.A. served as counsel to the Seminole Tribe in connection with the senior secured credit agreement. White & Case LLP served as counsel to the Administrative Agent, Joint Lead Arrangers, Joint Book Runners and Syndication Agent, in connection with the senior secured credit agreement.
About the Seminole Tribe of Florida
A sovereign entity governed by an elected Tribal Council, the Seminole Tribe has long been recognized for innovation in its gaming and other businesses. It opened the first high-stakes bingo hall and casino in the United States in 1979. In addition to its two Seminole Hard Rock Hotels & Casinos in Tampa and Hollywood, Florida, the Seminole Tribe owns and operates five additional Seminole-branded Florida casinos in Coconut Creek and Hollywood on the Southeast coast, in Immokalee near Naples, on the Brighton Reservation north of Lake Okeechobee and on the Big Cypress Reservation south of Lake Okeechobee. More than 3,800 members of the Seminole Tribe live on and off reservations in many parts of the state.
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SOURCE Seminole Tribe of Florida