Cowlitz Tribal Gaming Authority

Overview

Deal Type Debt Capital Markets
Size $400,000,000
Senior Secured Credit Facilities
Client & Transactional Partners Cowlitz Tribal Gaming Authority
Our Role Joint Lead Arranger
Joint Bookrunner
Administrative Agent

Summary

On November 19, 2021, KeyBanc Capital Markets (KBCM) successfully closed on the syndication of $400 million of Senior Secured Credit Facilities for Cowlitz Tribal Gaming Authority (CTGA), an instrument of the Cowlitz Indian Tribe. The Credit Facilities consist of a $100 million Revolving Credit Facility and a $300 million Term Loan. Proceeds of the Credit Facilities will be used to refinance existing indebtedness, fund a portion of CTGA’s planned expansion projects, and provide for working capital and general corporate purposes.

KBCM acted as Joint Lead Arranger, Joint Bookrunner and Administrative Agent on the transaction. This financing represents KBCM’s third transaction with the Cowlitz Indian Tribe. KBCM maintained its role as Joint Lead Arranger due to its longstanding relationship with the Tribe, extensive knowledge and experience in the Native American Financial Services industry, and successful track-record of syndicating transactions in the Native American gaming space.

The Cowlitz Indian Tribe is a federally recognized Indian tribe with approximately 4,400 enrolled members. The Tribe, through CTGA, owns and operates ilani, a Class II and III gaming and entertainment facility located in Ridgefield, Washington. The Casino offers over 2,700 slot machines and 75 table games, 14 dining and retail options, and a 2,500-seat Cowlitz ballroom. CTGA is also in the process of expanding its meeting and entertainment center and developing a new 300-room hotel.

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