Business

Midwest Gaming gets financing for Des Plaines casino

Posted April 09, 2010 11:00 pm

Daily Herald Staff Report

Midwest Gaming & Entertainment LLC announced Friday it has has closed on $295 million in debt financing for its casino project in Des Plaines.

Midwest Gaming is investing $150 million of its own funds. Midwest Gaming is planning to break ground Friday, April 16, on the long-awaited $445 million development.

The casino is anticipated to open in late summer 2011. Midwest Gaming this week also paid $47.5 million as a downpayment on the 10th Illinois casino license, bringing its total license payments to the State of Illinois to $50 million.

Another $75 million will be paid when the casino opens for business. As part of the debt financing, Midwest Gaming closed on its previously announced offering of $175 million of senior secured notes due 2016.

Simultaneous with the closing of the notes offering, Midwest Gaming closed on a $120 million senior secured credit facility consisting of a $110 million delayed draw term loan facility and a $10 million revolving credit facility-for which Credit Suisse, Goldman Sachs and Macquarie Capital were the joint lead arrangers and joint book-runners.

Macquarie Capital was the exclusive financial advisor to Midwest Gaming.

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