FULL HOUSE RESORTS INC (FLL): debt financing — Full House Resorts issues $40M additional 8.25% Senior Secured Notes due 2028; opens The Temporary in Waukegan

FULL HOUSE RESORTS INC

Issued $40M aggregate principal of 8.25% Senior Secured Notes due 2028; net proceeds ~$34M.
Opened The Temporary by American Place in Waukegan, IL on Feb 17, 2023; proceeds to fund license fees and general corporate purposes.
Entered Second Amendment to Credit Agreement increasing permitted additional indebtedness from $25M to $40M.
Borrowed $36M under Credit Agreement in anticipation of gaming license fees; currently outstanding.
Company has ~$214M cash on hand including ~$110M restricted for Chamonix construction in Cripple Creek, CO.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

FULL HOUSE RESORTS INC incurred senior notes of $40.0 million with Wilmington Trust, National Association, as trustee at 8.25% maturing February 15, 2028.

Instrument: senior notes
Principal: $40.0 million
Counterparty: Wilmington Trust, National Association, as trustee
Rate: 8.25%
Maturity: February 15, 2028
Event: incurrence

Exact text from the filing

On February 15, 2023, Full House Resorts, Inc. (the “Company”) entered into a note purchase agreement in connection with a private offering of $40.0 million aggregate principal amount of its 8.25% Senior Secured Notes due 2028 (the “Additional Notes”), which offering closed on February 21, 2023.

View on SEC.gov

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

FULL HOUSE RESORTS INC amended credit facility with Capital One, National Association.

Instrument: credit facility
Counterparty: Capital One, National Association
Event: amendment

Exact text from the filing

Also on February 21, 2023, the Company entered into a Second Amendment to Credit Agreement with Capital One, National Association, which, among other things, increased the amount of additional Indebtedness permitted under the Company’s Credit Agreement, dated as of March 31, 2021 (as amended through the date hereof, the “Credit Agreement”) from $25.0 million to $40.0 million.

View on SEC.gov

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

FULL HOUSE RESORTS INC incurred credit facility of $36.0 million with Capital One, National Association.

Instrument: credit facility
Principal: $36.0 million
Counterparty: Capital One, National Association
Event: incurrence

Exact text from the filing

In anticipation of the payment of gaming license fees necessary to open The Temporary – and prior to the completion of the Additional Notes offering – the Company borrowed $36.0 million under the Credit Agreement, which currently remains outstanding.

View on SEC.gov

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

FULL HOUSE RESORTS INC entered into Fourth Supplemental Indenture with Wilmington Trust, National Association valued at $40.0 million aggregate principal amount of 8.25% Senior Secured Notes due 2028 (effective 2023-02-21).

Action: entry
Agreement: notes offering
Counterparty: Wilmington Trust, National Association
Value: $40.0 million aggregate principal amount of 8.25% Senior Secured Notes due 2028
Effective: 2023-02-21

Exact text from the filing

On February 15, 2023, Full House Resorts, Inc. (the “Company”) entered into a note purchase agreement in connection with a private offering of $40.0 million aggregate principal amount of its 8.25% Senior Secured Notes due 2028 (the “Additional Notes”), which offering closed on February 21, 2023.

View on SEC.gov

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

FULL HOUSE RESORTS INC amended Second Amendment to Credit Agreement with Capital One, National Association valued at increased the amount of additional Indebtedness permitted under the Credit Agreement from $25.0 mill (effective 2023-02-21).

Action: amendment
Agreement: credit facility
Counterparty: Capital One, National Association
Value: increased the amount of additional Indebtedness permitted under the Credit Agreement from $25.0 mill
Effective: 2023-02-21

Exact text from the filing

On February 21, 2023, the Company entered into a Second Amendment to Credit Agreement with Capital One, National Association, which, among other things, increased the amount of additional Indebtedness permitted under the Company’s Credit Agreement, dated as of March 31, 2021 (as amended through the date hereof, the “Credit Agreement”) from $25.0 million to $40.0 million.

View on SEC.gov

26 debt financings filed in the last 30 days. Browse all debt financings →

FULL HOUSE RESORTS INC filing history →

Source: SEC EDGAR

accession 0000891482-23-000008

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