Live! Casino & Hotel Philadelphia
|Deal Type||Debt Capital Markets|
Senior Secured Credit Facilities
|Client & Transactional Partners||Live! Casino & Hotel Philadelphia||Our Role||
Joint Lead Arranger
On March 7, 2019, KeyBanc Capital Markets (“KBCM”) successfully closed $400 million of Senior Secured Credit Facilities for Stadium Casino RE, LLC, doing business as Live! Casino & Hotel Philadelphia (“Philly Live!” or the “Company”) consisting of a $20 million Revolver and a $380 million Multi-Draw Term Loan Facility (the “Facilities”). The proceeds from the Facilities will be used to develop, build, own and operate Philly Live!, which will be owned and managed by principals of The Cordish Companies (“Cordish”). KBCM acted as Joint Lead Arranger, Joint Bookrunner and Administrative Agent for the Facilities. KBCM was selected to lead this transaction based on our long-standing relationship with Cordish, extensive Debt Capital Markets platform and significant industry experience in the gaming sector.
This transaction represents the largest stand-alone casino construction project completed in the traditional bank market.