Business
Full House Resorts Announces $15.0 Million Senior Secured Revolving Credit Facility
LAS VEGAS, March 31, 2021 (GLOBE NEWSWIRE) -- Full House Resorts, Inc. (Nasdaq: FLL) announced today that it has entered into an agreement for a five-year,
About this update from Full House Resorts, Inc.
[{"type":"text","content":"LAS VEGAS, March 31, 2021 (GLOBE NEWSWIRE) -- Full House Resorts, Inc. (Nasdaq: FLL) announced today that it has entered into an agreement for a five-year, senior secured revolving credit facility. The $15.0 million credit facility may be used for working capital, letters of credit, and other ongoing general purposes. Until the completion of the Company’s Chamonix project in Cripple Creek, Colorado, the interest rate per annum applicable to loans under the credit facility will be, at the Company’s option, either (i) LIBOR plus a margin equal to 3.50%, or (ii) a base rate plus a margin equal to 2.50%. After completion of Chamonix (as defined in the credit agreement), the interest rate per annum applicable to loans under the credit facility reduces to, at the Company’s option, either (i) LIBOR plus a margin equal to 3.00%, or (ii) a base rate plus a margin equal to 2.00%. The commitment fee per annum is equal to 0.50% of the unused portion of the credit facility. As of March 31, 2021, there are no drawn amounts under the credit facility. “We are pleased to put this new credit facility in place, which provides additional liquidity and flexibility should it ever be needed,” said Lewis Fanger, Chief Financial Officer of Full House Resorts, Inc. “Over the last two months, we have transformed our balance sheet. In addition to fully financing our Chamonix project, we have strengthened our balance sheet for future opportunities, such as our American Place proposal in Waukegan, Illinois.” Cautionary Note Regarding Forward-looking StatementsThis press release may contain statements by Full House and our officers that are “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as: “will,” “expect,” “plan,” “estimate,” “schedule,” “believe,” “potential,” “future,” “should,” and similar references to future periods. Forward-looking statements are neither historical facts nor assurances of future performance. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of the control of Full House. Such risks include, without limitation, our ability to repay our substant...