Bank of America issues a Commitment Letter of Financing for the Watonga Lucky Star Casino Hotel/Conference Center Expansion
Cheyenne and Arapaho Tribal Tribune (CATT)
• Casino Financial Statements • Tribal Government Financial Statements • Casino Audits • Tribal Government Audits • Casino/Hotel Schematic Design and Design Development • GRAP • Tribal Leadership Bios • Casino Management Bios • Watonga Casino Balance Sheets and Income Statements“We have been working very diligently and closely with Sovereign Finance and Bank of America to get the Tribes to this point,” Wassana said.
• Lender – Bank of America, N.A. • Loan Amount - An aggregate principal amount of up to $15,000,000 will be available through the facilities described collectively as the "Senior Credit Facilities". • Delay Draw Term Loan: A $10,000,000 delay draw term loan. • Revolving Credit Facility: A $5,000,000 revolving credit facility. • Interest Rate – The interest will be right at around 3 percent • Closing Date - The execution of definitive loan documentation, to occur on or before Jan. 15, 2020 (the "Closing Date"). • Increase Option - The amount of the Senior Credit Facilities may be increased by an aggregate amount not to exceed $30 million under terms and conditions to be agreed between the Lender and the Borrower, subject to the Lender’s complete discretion. • Amortization - Delay Draw Term Loan: The Borrower shall make quarterly principal payments on the Delay Draw Term Loan starting on the first full fiscal quarter after the Expiration Date in amounts to fully amortize the credit facility over a 10-year amortization. All accrued but unpaid interest, outstanding principal and all other amounts due and payable with respect to the Delay Draw Term Loan shall be paid by the Borrower on the Maturity Date (subject to the proviso in such definition). Revolving Credit Facility: Before the Maturity Date, the Revolving Credit Facility will require the payment of interest only on a monthly basis. The Revolving Credit Facility will terminate on the Maturity Date and all accrued but unpaid interest and other amounts outstanding or due and payable thereunder shall be paid by the Borrower on the Maturity Date. • Security - The Borrower shall grant the Lender valid and perfected first priority (subject to certain exceptions to be set forth in the Loan Documents) lien and security interest in all Gaming Assets. • "Gaming Assets" excludes (a) funds or other assets actually distributed to the Borrower from the Gaming Enterprise in compliance with the Loan Documents and (b) any real property held in trust or restricted status or improvements thereto and certain other "Excluded Assets" to be determined, and only to the extent permitted under federal law. • Reporting Requirements - The Borrower will agree to provide the following financial reporting: • Annual audited consolidated and consolidating financial statements of the Gaming Operation (including any independent management letters or assessments) due within 120 days following its fiscal year end. • Unaudited quarterly consolidated and consolidating statements of the Gaming Operation due within 45 days of each quarter end (including the fourth fiscal quarter). • Compliance certificate due within 45 days of each fiscal quarter (including the final quarter in each fiscal year) signed by an authorized financial officer of the Borrower. • No later than 60 days prior to the end of each fiscal year, the annual operating budget and capital expenditures budget for the Gaming Operation on a consolidated and consolidating basis. • Annual audited financial statements of the Borrower (including any independent management letters or assessments) due within 270 days following its fiscal year end.
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