The new credit facilities include a $20-million five-yearrevolving credit facility and a $225-million seven-year term loan.Most of the outstanding principal amount of the term loan willmature in the seventh year of the term.
Riviera entered into floating to fixed rate swap forsubstantially the entire term loan at a rate of LIBOR plus 2%, oreffectively 7.48%. Riviera is permitted to prepay the facilitieswithout premium or penalties.
The credit facilities are guaranteed by all of Riviera's activesubsidiaries and secured by the stock of those subsidiaries and allor substantially all of the assets of Riviera and its subsidiaries.William Westerman, company chairman and CEO, says the new seniorcredit facilities will reduce interest costs and provide greaterfinancial flexibility.
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