CIT Group announced that it served as Joint Lead Arranger in a $310 million senior secured credit facility for The Snoqualmie Entertainment Authority, which owns and operates all gaming and related businesses on behalf of the Snoqualmie Tribe of Indians. The facility was used to refinance existing bond debt at the Tribe’s Snoqualmie Casino, an upscale Las Vegas-style casino and entertainment destination located 26 miles east of Seattle.
CIT Corporate Finance served as Joint Lead Arranger for the transaction. Financing was provided by CIT Bank, the U.S. commercial bank subsidiary of CIT. Terms of the transaction were not disclosed.
“We are pleased to continue our long standing relationship with The Snoqualmie Tribe, having previously served as lead arranger in a $45 million senior secured credit facility in June 2008 that was primarily used to acquire essential use gaming and gaming-related equipment,” said Steve Epperly, Senior Director of CIT Corporate Finance, Gaming. “The Snoqualmie Casino employs more than 1,200 people while being an upscale casino and entertainment destination in the Seattle Metropolitan Area. This transaction highlights our ability to put our knowledge to work to structure deals that meet the evolving needs of our clients in the gaming sector.”
Snoqualmie Casino is an upscale Las Vegas-style casino and entertainment destination in the northwestern United States. The facility offers 1,600 Class III Video Gaming Terminals, 110 Class II Video Gaming Terminals, 55 standard table games and a five-table poker room. In addition to the Casino’s gaming amenities, the facility offers a diverse set of casual and fine dining experiences including a Las Vegas-style buffet.
CIT Corporate Finance provides lending, leasing and other financial and advisory services to the middle market with a focus on specific industries, including: Aerospace & Defense, Business Services, Commercial Real Estate, Communications, Energy, Entertainment, Gaming, Healthcare, Industrials, Information Services & Technology, Restaurants, Retail, and Sports & Media.