PROVIDENCE, R.I., April 30, 2020 /PRNewswire/ -- Twin River
Worldwide Holdings, Inc. (NYSE: TRWH) announced today that it
had successfully syndicated an expansion to the term loan facility
in its existing bank credit agreement by $275 million. Funding, which is expected to
occur on May 11, 2020, is subject to
final documentation and customary conditions.
Borrowings under the expanded term loan facility will bear
interest at LIBOR + 8.00% per annum through the 2026 maturity
date. The loan will be issued with an original issue discount
of 97 and will be non-callable for 18 months. After 18 months
the loan is callable at a price of 104.5% of par, and after 30
months the loan is callable at par.
The financing is expected to satisfy the financing contingency
under Twin River's previously announced agreement to acquire the
Eldorado Shreveport Resort and Casino and the MontBleu Resort
Casino & Spa. As the regulatory approval process for
those transactions will take some time, Twin River intends to repay
$250 million of revolving credit
borrowings under the bank credit facility, which will be available
for future borrowings in accordance with the credit
agreement.
Giving effect to the additional term loan and revolver
repayment, Twin River had in excess of $385
million in cash on hand at March 31,
2020 and $250 million of
revolving credit borrowing capacity, and no substantial maturities
before 2024. The additional liquidity provided by the
expanded term loan facility will nearly double Twin River's
liquidity profile in the form of excess cash and revolver
availability.
"While we remain optimistic about reopening, this additional
financing ensures we have the financial resources necessary to
continue funding operations, servicing our obligations, and pursing
organic and strategic growth opportunities through the COVID-19
crisis," said George Papanier,
President and Chief Executive Officer. "We look forward to further
enhancing our financial profile and expanding our geographic
presence."
About Twin River
Twin River Worldwide Holdings, Inc. owns and manages seven
casinos, two in Rhode Island, one
in Mississippi, one in
Delaware, and three casinos as
well as a horse racetrack that has 13 authorized OTB licenses in
Colorado. Properties include Twin
River Casino Hotel (Lincoln, RI),
Tiverton Casino Hotel (Tiverton,
RI), Hard Rock Hotel & Casino (Biloxi, MS), Dover Downs Hotel & Casino
(Dover, DE), Golden Gates Casino (Black Hawk, CO), Golden Gulch Casino
(Black Hawk, CO), Mardi Gras Casino (Black Hawk, CO), and Arapahoe Park racetrack
(Aurora, CO). Its casinos range in
size from 695 slots and 17 table games combined for its
Colorado facilities to properties
with over 4,100 slots, approximately 125 table games, and 48
stadium gaming positions, along with hotel and resort amenities.
Its shares are traded on the New York Stock Exchange under the
ticker symbol "TRWH."
Forward-Looking Statements
This communication contains "forward-looking" statements as that
term is defined in Section 27A of the Securities Act of 1933, as
amended, Section 21E of the Securities Exchange Act of 1934, as
amended and the Private Securities Litigation Reform Act of 1995.
All statements, other than historical facts, including future
financial and operating results and the Company's plans,
objectives, expectations and intentions, legal, economic and
regulatory conditions are forward-looking statements.
Forward-looking statements are sometimes identified by words
like "may," "will," "should," "potential," "intend," "expect,"
"endeavor," "seek," "anticipate," "estimate," "overestimate,"
"underestimate," "believe," "could," "project," "predict,"
"continue," "target" or other similar words or expressions.
Forward-looking statements are based upon current plans, estimates
and expectations that are subject to risks, uncertainties and
assumptions. Should one or more of these risks or uncertainties
materialize, or should underlying assumptions prove incorrect,
actual results may vary materially from those indicated or
anticipated by such forward-looking statements. The inclusion of
such statements should not be regarded as a representation that
such plans, estimates or expectations will be achieved. Important
factors that could cause actual results to differ materially from
such plans, estimates or expectations include, among others, (1)
the risk that the proposed financing may not be completed on the
terms or in the time frame expected, or at all; (2) risks
associated with increased borrowings; (3) uncertainty surrounding
the ongoing COVID-19 outbreak and duration of time Twin River is
required to close facilities; (4) customer responses when
facilities are reopened; and (5) other risk factors as detailed
under Part I. Item 1A. "Risk Factors" of the Company's Annual
Report on Form 10-K for the fiscal year ended December 31, 2019 as filed with the Securities
and Exchange Commission on March 13,
2020. The foregoing list of important factors is not
exclusive. Any forward-looking statements speak only as of the date
of this communication. The Company does not undertake any
obligation to update any forward-looking statements, whether as a
result of new information or development, future events or
otherwise, except as required by law. Readers are cautioned not to
place undue reliance on any of these forward-looking
statements.
Investor Contact
Steve Capp
Executive Vice President and Chief Financial Officer
401-475-8564
InvestorRelations@twinriver.com
Media Contact
Liz Cohen / Connor Moriarty
Kekst CNC
212-521-4825 / 212-521-4833
Liz.Cohen@kekstcnc.com
Connor.Moriarty@kekstcnc.com
View original
content:http://www.prnewswire.com/news-releases/twin-river-secures-275-million-of-additional-financing-301050253.html
SOURCE Twin River Worldwide Holdings, Inc.