Bally's Corp current report, 11 May 2020

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SEC Form 8-K Summary

Registrant: Twin River Worldwide Holdings, Inc. (now associated with Bally’s Corp.) The filing is dated May 11, 2020, with the earliest reported event occurring on the same date. It reports a financing transaction and related press release; it does not provide operating results for a reporting quarter or year.

Material Financial and Financing Details

  • The company amended its May 10, 2019 credit agreement with Citizens Bank, N.A. as administrative and collateral agent.
  • The aggregate principal amount of the credit facility increased to $575 million, representing a $275 million increase through an incremental Term B loan facility.
  • The incremental loan bears interest at LIBOR plus 8.00% per annum, subject to a 1.0% LIBOR floor.
  • The facility matures in 2026.
  • The filing provides no new revenue, profit, cash flow, margin, liquidity balance, or other operating metrics.

Purpose, Outlook, and Risks

The new term loan satisfies the financing contingency under the purchase agreement to acquire the Shreveport and Lake Tahoe MontBleu casinos from Eldorado Resorts, Inc.

The company furnished a May 11, 2020 press release announcing the new term loan. The filing cautions that forward-looking statements are subject to risks and uncertainties, including future actions, new projects, strategies, performance, contingencies, future financial results, and uncertainties related to COVID-19. The company disclaims an obligation to update these statements.

Most Important Facts to Verify

  • Whether the $275 million incremental borrowing was funded and the resulting total debt outstanding.
  • The final terms and closing status of the Shreveport and Lake Tahoe MontBleu casino acquisitions.
  • The company’s ability to service the loan, particularly given the LIBOR-plus-8.00% interest rate and COVID-19 operating uncertainty.
  • Any subsequent amendments, refinancing, covenant requirements, or collateral arrangements under the credit agreement.
  • Operating and liquidity results in subsequent filings, which are not included in this 8-K.