Recovery Report: Revel Atlantic City LLC's Recovery Rating Profile Jan 11
Standard & Poors, January 2011
Abstract
This is our initial recovery analysis on U.S.-based casino company Revel Atlantic City LLC's plan to issue a $700 million first-lien term loan. The company plans to use the proceeds to help fund the construction and completion of its resort and casino in Atlantic City, N.J. Our simulated default scenario contemplates a payment default in 2013 and assumes a reorganization following the default. We are using an emergence EBITDA multiple of 6.5x to value Revel. The first-lien term loan will be issued at the Revel intermediate holding company level. The company is also contemplating a $50 million first-lien revolving credit facility, which is not expected to be committed until the resort and casino is closer to opening. The revolver is...
Companies mentioned in this report are:
- Revel AC Inc.
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Full Analysis
- Revel AC Inc.
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