An affiliate of the Canada Pension Plan Investment Board (CPPIB), CPPIB Credit Investments Inc., will give a senior secured term loan of up to US$650 million to Marina District Finance Company, which owns and operates the Borgata Hotel Casino & Spa in Atlantic City, NJ.
The loan matures in 2023.
Opened in 2003, the Borgata is a major entertainment destination in Atlantic City. The property has 2,800 upscale hotel rooms, 14 restaurants, a 161,000-square-foot casino, a 2,400-seat event centre and 950-seat theatre, five nightlife experiences, 11 boutique retail outlets and two spas.
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“We are investing in the senior secured loan facility of a market leader that generates strong cash flows, providing us with attractive risk-adjusted returns,” says Mark Jenkins, senior managing director and global head of private investments at CPPIB.
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