Private Credit Offers Bally’s $1.1 Billion Loan for NYC Casino

Bally’s Corp. has wrapped up a crucial deal to increase its term loan to $1.1 billion, allowing the casino operator to refinance its debt and pay fees tied to its New York State casino licenses.

Funds linked to Ares Management Credit, King Street Capital Management and TPG Credit are providing an amended debt commitment to the junk-rated casino operator, according to a release on Monday.

The transaction follows a shelved term-loan amendment in October, which was being arranged by Deutsche Bank AG. The deal, in part intended to push out debt maturities by a couple of years, was postponed after ...