The Soboba Band of Luiseño Indians closed a $219 million senior secured credit package to refinance existing debt and fund construction of an on-site energy facility at its Riverside County gaming resort, according to the lead arranger.
The financing, which closed Feb. 12, consists of a $129 million revolving credit facility and a $90 million tax-exempt term loan. Proceeds will refinance existing indebtedness, fund development and construction of a combined heat and power plant at Soboba Casino Resort, and pay related fees and expenses.
KeyBanc Capital Markets, Inc. served as left lead arranger, joint bookrunner and administrative agent.
The tribe plans to construct a cogeneration plant designed to produce electricity and hot water on-site.
