TSL Express Daily News
The Secured Lender
SFNet's The 81st Annual Convention Issue
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April 1, 2021
Source: GlobeNewswire
Full House Resorts, Inc. (Nasdaq: FLL) announced today that it has entered into an agreement for a five-year, senior secured revolving credit facility. The $15.0 million credit facility may be used for working capital, letters of credit, and other ongoing general purposes. Until the completion of the Company’s Chamonix project in Cripple Creek, Colorado, the interest rate per annum applicable to loans under the credit facility will be, at the Company’s option, either (i) LIBOR plus a margin equal to 3.50%, or (ii) a base rate plus a margin equal to 2.50%. After completion of Chamonix (as defined in the credit agreement), the interest rate per annum applicable to loans under the credit facility reduces to, at the Company’s option, either (i) LIBOR plus a margin equal to 3.00%, or (ii) a base rate plus a margin equal to 2.00%. The commitment fee per annum is equal to 0.50% of the unused portion of the credit facility. As of March 31, 2021, there are no drawn amounts under the credit facility.
“We are pleased to put this new credit facility in place, which provides additional liquidity and flexibility should it ever be needed,” said Lewis Fanger, Chief Financial Officer of Full House Resorts, Inc. “Over the last two months, we have transformed our balance sheet. In addition to fully financing our Chamonix project, we have strengthened our balance sheet for future opportunities, such as our American Place proposal in Waukegan, Illinois.”
About Full House Resorts, Inc.
Full House Resorts owns, leases, develops and operates gaming facilities throughout the country. The Company’s properties include Silver Slipper Casino and Hotel in Hancock County, Mississippi; Bronco Billy’s Casino and Hotel in Cripple Creek, Colorado; Rising Star Casino Resort in Rising Sun, Indiana; Stockman’s Casino in Fallon, Nevada; and Grand Lodge Casino, located within the Hyatt Regency Lake Tahoe Resort, Spa and Casino in Incline Village, Nevada. The Company is currently constructing Chamonix Casino Hotel, a new luxury hotel and casino in Cripple Creek, Colorado, and is one of three finalists for consideration by the Illinois Gaming Board to develop a casino in Waukegan, Illinois. For further information, please visit www.fullhouseresorts.com.
