Bally’s Secures Credit Extension and Lender Support for $735M Twin River Lincoln Sale

A Key Step Toward the Twin River Lincoln Sale

A critical part of the announcement is the unanimous consent from lenders representing $620 million in credit commitments for the proposed sale and leaseback of the Twin River Lincoln property to Gaming and Leisure Properties Inc. (GLPI). This is a major hurdle cleared for the $735 million transaction.

The deal, which will provide Bally’s with a substantial infusion of cash, still requires the consent of additional term loan holders. However, with the support of its revolving credit facility lenders, the company is now in a much stronger position to complete the transaction.

A Commitment to Deleveraging

A key condition of the sale and leaseback is a commitment by Bally’s to use a significant portion of the proceeds to pay down its existing debt. The company has agreed to reduce its secured debt and credit facilities by a total of $500 million upon the completion of the transaction.

This deleveraging will be achieved through a permanent reduction of the company’s revolving credit facility commitments and a pro rata prepayment of its term loans and first lien notes. If the transaction is completed, the combined outstanding balance of Bally’s term loans and first lien notes would be reduced from approximately $2.4 billion to $1.94 billion.

Securing a Longer Runway

In a separate but related move, Bally’s has also secured a two-year extension on $460 million of its revolving credit facility commitments, pushing the maturity date from October 2026 to October 2028. This provides the company with a longer financial runway and greater flexibility as it continues to execute on its strategic initiatives.