Source: Jamul Indian Village
October 24, 2016 (Jamul) - The Jamul Indian Village Development Corporation (JIVDC) announced today that it has finalized an approximately $460 million refinancing transaction in connection with its brand new facility, Hollywood Casino Jamul- San Diego. Proceeds from the refinancing will be used to refinance the debt associated with the development of the casino, retire tribal debt and for working capital. N.A., Goldman Sachs Banks USA and Fifth Third Bank acted as joint lead arrangers and joint bookrunners. The loans will be held by commercial banks, an affiliate of Och-Ziff Real Estate, and an affiliate of Penn National Gaming Inc.
Hollywood Casino Jamul-San Diego successfully opened to the public on October 10, 2016. The opening was the culmination of several years of dedication and tireless work by the Jamul Indian Village (Tribe) to open a tribal gaming facility to improve the lives of the tribal members and become self-sufficient. The JIVDC will enjoy significant benefits as a result of the completed transaction including lower interest rates, increased financial stability and a favorable debt repayment schedule.
“Tribal Governments and Tribal gaming operations have proven to be great investments in our communities and we are very pleased to secure this refinancing. This refinancing is a milestone for the JIVDC and allows us to reduce tribal debt and safeguard our long term financial future,“ said Chairwoman of the JIVDC Board Erica M. Pinto. “We wish to thank Penn National Gaming, Inc. for believing in our project and initially loaning us the funds to build our new casino.”
Lewis Roca Rothgerber Christie LLP provided legal counsel for the JIVDC and Stuyvesant Square Advisors, Inc. acted as the JIVDC’s financial advisor.
About Jamul Indian Village of California (JIV)
The Kumeyaay Nation of Southern California can be traced back 12,000 years with the first European contact occurring at San Diego Bay in 1524. Jamul Indian Village of California, one of 13 bands of the Kumeyaay Nation federally recognized as a sovereign nation, traces its roots to these natives. Jamul Indian Village of California strives to provide a greater quality of life for its people by providing educational opportunities, health care, and employment opportunities today to open the doors of tomorrow. Jamul Indian Village of California entered into a new Tribal-State compact in August 2016 with Governor Jerry Brown for a term of 25 years. For more information about JIV, please visit www.jamulindianvillage.com #jamulindianvillage #hollywoodcasinojamul #roadtoselfreliance