Bally's Corporation, through its subsidiary Bally’s New York Operating Company, has entered into a senior secured term loan agreement with WhiteHawk Capital Partners, LP. The agreement provides up to $560 million in financing to support pre-construction costs for the company's Bally's Bronx development project and for general corporate purposes.
Key Details
- Loan Agreement: Provides for a $400 million closing date term loan and $160 million in delayed draw term loan commitments, totaling $560 million.
- Terms: The loan matures 18 months after initial funding and bears interest at a rate of Term SOFR + 8.50% per annum.
- Purpose & Security: The proceeds are designated for pre-construction costs of the Bally's Bronx project. The loan is secured by substantially all assets of the Bally's New York loan parties.