Tule River Tribe Gaming Authority

Overview

Deal Type Debt Capital Markets
Size $175 Million
Senior Secured Revolving Credit Facility
Client & Transactional Partners Tule River Tribe Gaming Authority
Our Role Joint Lead Arranger
Joint Bookrunner
Administrative Agent

Summary

On October 28, 2021, KeyBanc Capital Markets (“KBCM") successfully closed on the syndication of a $175 Million Senior Secured Revolving Credit Facility (the “Revolver”) for the Tule River Tribe Gaming Authority (“Tule” or the “Authority”), an instrumentality of the Tule River Indian Tribe (the “Tribe”). The transaction was upsized post-launch, attributed to strong lender appetite and favorable market conditions. The Revolver will be used to fund construction of the new Eagle Mountain Casino, finance ongoing working capital needs, and pay transaction fees and expenses. KBCM acted as Joint Lead Arranger, Joint Bookrunner and Administrative Agent on the transaction.

This financing represents Tule's debut transaction in the syndicated loan market. KBCM was selected as Left Lead Arranger due to its 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 relocated Eagle Mountain Casino will boast over 166,000 square feet of gaming space with 1,500 Class III Gaming Devices, 250 Class II Gaming Devices and 20 table games. Additionally, the property will include an event center and ~1,500 parking spaces.

Established in 1873, the Tule River Indian Tribe is a federally recognized Indian tribe located in a remote rural area outside of Porterville, CA. The Tule River Reservation covers almost 85 square miles in the foothills of the Sierra Nevada mountains. The Tribe established the Authority with delegated powers to further the economic prosperity of the Tribe by operating the Tribe’s gaming businesses and facilities, including the existing Eagle Mountain Casino.

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