Gaming & Leisure Properties Inc. (GLPI) announced a $225 million high-interest loan to the Dry Creek Rancheria of Pomo Indians early on September 2. The loan carries a 12.8 percent interest rate and comes in two tranches.
The first tranche, carrying a rate of 12.5 percent, is for $180 million. The second, at 14 percent interest, represents the $45 million balance. Citizens Bank acted as intermediary and GLPI was advised on the deal by TFA Capital Partners.
The purpose of the two loans is to supersede the current River Rock Casino, in Sonoma County, California, near Healdsburg. It will be supplanted by a Caesars Republic-branded casino, announced August 2 at a projected cost of $300 million…