(Read more on the debt and equitymarkets.)
LAS VEGAS-Fontainebleau Resorts LLC has closed on more than $4billion of financing from a consortium led by Bank of America,Merrill Lynch, Deutsche Bank and Barclays. The locally baseddeveloper says financing will fully fund development ofFontainebleau Las Vegas, the expansion and renovation ofFontainebleau Miami Beach, and the repayment of existing debt.
As part of the financing arrangement, Fontainebleau raised $565million in private placements of common and preferred equity. Thattotal includes $250 million it obtained in April fromAustralia-based Publishing & Broadcasting Limited in exchangefor the 19.6% interest in the company.
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