Lowenstein's Real Estate practice closed an amendment and restatement of a syndicated $350 million secured credit facility made by our client, a New York-based hedge fund with more than $7 billion in discretionary assets under management, as lead lender, and other lenders to a leading operator of casinos and card rooms in the United States and its affiliates, as borrower, increasing the credit to $800 million and making other modifications to permit future acquisitions of casinos, hotels, and card rooms by the borrower upon the approval of the lenders, as well as to permit subordinate and pari-passu debt by the lenders and further syndication optionality.
This deal is the latest in the borrower’s continued growth in the gaming industry. With assistance from the Real Estate practice, the client has also funded the acquisition of casinos, card rooms, and hotels for the borrower in Nevada, Colorado, Utah, Louisiana, and the state of Washington.
About Lowenstein Sandler LLP
Lowenstein Sandler is a national law firm with over 350 lawyers based in New York, Palo Alto, New Jersey, Utah, and Washington, D.C. The firm represents leaders in virtually every sector of the global economy, with particular emphasis on investment funds, life sciences, and technology. Recognized for its entrepreneurial spirit and high standard of client service, the firm is committed to the interests of its clients, colleagues, and communities.
Stephen J. Kimmerling
Director, Marketing Communications
Lowenstein Sandler LLP
T: +1 973.597.6176