Golden Entertainment amends its term loan pricing
The company aims to reduce the margin to lower interest rates.
Golden Entertainment recently announced that the company will reprice and allocate its current term loan credit facility due 2030. The amendment is subject to “execution of definitive documentation and customary closing conditions.”
Golden Entertainment claims that the repricing “will reduce the applicable margin under the Term Loan Facility by 50 basis points, such that base rate loans and SOFR loans will bear interest at the applicable base rate plus 1.25% and 2.25%, respectively.”
The company went on to say in a statement, “In addition, the repricing amendment will eliminate the Term SOFR Adjustment of 10 basis points with respect to loans under the Term Loan Facility, for a total interest rate reduction of 60 basis points.”
In other company news, Golden Entertainment recently appointed Blake Sartini II to serve as its Chief Operating Officer. Sartini, who joined the company in 2007, previously held a position as the company’s Executive VP of Operations before his promotion.
Golden’s former COO Steve Arcana also changed roles and moved into the position of Chief Development Officer. He has been with the company since 2003 and is now responsible for finding new third-party food and beverage concepts and overseeing new tavern development.
The Chief Development Officer role is a newly created position, the company said.
Golden Entertainment currently owns and operates eight casinos and 71 gaming taverns throughout the state of Nevada. The company also gives its guests access to 6,000 hotel rooms across its properties, along with close to 100 table games and nearly 5,700 slot machine games.
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