The Morongo Band of Mission Indians from California has refinanced its existing debt with a $350 million senior secured credit facility. It combines previous obligations related to its casino, the Morongo Casino Resort & Spa, and business operations into a single structure.
Morongo Band of Mission Indians Refinances Casino Operations
KeyBanc Capital Markets (KBCM) served as joint lead arranger, joint bookrunner, and administrative agent. The bank noted this is its first syndicated deal for the tribe. The transaction comprises a $288 million revolving credit facility and a $62 million term loan. Proceeds were used to refinance existing taxable and tax-exempt bonds and notes, as well as to cover transaction-related…