Gateway Casinos and Entertainment Limited has finalized the refinancing of its corporate debt in a $1.25bn transaction.
The operator of 23 Canadian casinos obtained a Senior Secured Term Loan B issuance from lead investors Fortress Investment Group. The proceeds from the transaction were used to refinance all of Gateway’s existing corporate debt at both Gateway Casinos & Entertainment Limited and GTWY Holdings Limited.
This included the Large Employer Emergency Financing Facility loan the company agreed to in September 2020.
Gateway executive chairman Gabriel de Alba said: “We are very pleased to have completed this significant refinancing with Fortress as the lead investor.
“We are grateful for the ongoing support of all our stakeholders and regulatory partners and proud to have now strengthened our capital position which will support our future growth initiatives, including online gaming opportunities.”
Gateway became the NFL’s first Canadian casino partner when it signed a multi year agreement with the organization back in 2019.
Fortress managing partner Josh Pack added: “Gateway has done an exceptional job in navigating and emerging from a historically challenging period.
“We are thrilled to provide Gateway with a capital solution that will position the company for profitable growth and success in the years ahead.”