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JP Morgan Chase, Lenders Complete $150MM Facility Amendment for Revel Casino

December 28, 2012, 07:32 AM
Filed Under: Gaming

Revel AC, Inc. announced the completion of an amendment to its existing revolving credit facility with JP Morgan Chase Bank, as administrative agent, and the lenders and financial institutions party thereto. The amendment provides for the addition of a new $125 million term loan under the facility and an increase of $25 million in the existing revolving commitments. A portion of the proceeds of the new term loan were used by the company to reduce amounts outstanding under its existing revolving credit facility.

The company intends to use the incremental funds to support Revel's strategic growth plans, and to provide additional capital for liquidity and funding for certain gaming projects at its resort in Atlantic City.

The company announced plans to build a new high limit slot ultra-lounge, an expanded players club, a three meal restaurant accessible to a broader audience and plans to expand the Company's quick-serve food options.

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