Bally’s Corporation has arranged $1.1 billion in new loan commitments, setting the stage for debt refinancing and providing support for major development projects, including its pursuit of a full commercial casino license in New York. The package, backed by Ares Management Credit funds, King Street Capital Management, and TPG Credit, replaces a prior commitment agreement from last year.
The company confirmed that the financing includes a $600 million initial term loan and up to $500 million in delayed draw term loans. The five-year structure features an option for earlier maturity in March 2029 if Bally’s unsecured notes due that year remain outstanding. The loans will be secured by most of Bally’s material assets…