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Twin River Issuing $950M in Debt
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Twin River will issue $950 million in debt to repay existing debt and return $250 million in capital to shareholders.
Keith Foley of Moody’s gave Twin River a B1 corporate family credit rating citing debt-to-EBITDA below four times and the expectations the company will continue its strong performance in Rhode Island in the face of Wynn Encore near Boston, opening in June.
He also expects TRWH to generate $80 million in cash flow.
Foley’s new ratings for TRWH’s debt consists of B1 for probability of default with a stable outlook, Ba2 for the proposed $600 million credit facility which is comprised of a $250 million revolver and $350 million term loan B, and a B3 rating to the company’s proposed $350 million senior unsecured notes.
Shareholders will get $250 million of capital although how they will receive it is yet to be decided.
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Keith Foley of Moody’s gave Twin River a B1 corporate family credit rating citing debt-to-EBITDA below four times and the expectations the company will continue its strong performance in Rhode Island in the face of Wynn Encore near Boston, opening in June.
He also expects TRWH to generate $80 million in cash flow.
Foley’s new ratings for TRWH’s debt consists of B1 for probability of default with a stable outlook, Ba2 for the proposed $600 million credit facility which is comprised of a $250 million revolver and $350 million term loan B, and a B3 rating to the company’s proposed $350 million senior unsecured notes.
Shareholders will get $250 million of capital although how they will receive it is yet to be decided.
Get gaming news like this delivered to your inbox with a subscription to Fantini’s Gaming Report. Email Alex Capitle at This email address is being protected from spambots. You need JavaScript enabled to view it. for a free 30-day trial.