The Ho-Chunk Nation of Wisconsin received a $610 million loan from Cleveland-based KeyBanc Capital Markets to help fund its Beloit casino, hotel, convention center project.
The deal closed in October. KeyBanc Capital Markets is the investment banking arm of KeyBank, which is one of the country’s 25 largest banks with more than $185 billion in assets.
Ho-Chunk received a $305 million revolving credit facility, which is like a credit card, allowing Ho-Chunk to borrow, repay and re-borrow funds up to a set limit, along with a $305 million delayed draw term loan. In that set up, Ho-Chunk will receive the money in stages rather than all at once, letting the Nation pay interest only on what’s been used without upfront full-amount interest costs.
