Bally's amends financing to increase term loan availability to $1.1 billion

Bally's Corporation (NYSE: BALY) entered into an amended and restated commitment letter that increases its financing commitments to $1.1 billion in term loans, the company announced.

The financing structure includes $600 million in initial term loan and up to $500 million in delayed draw term loan. The commitments are provided by Ares Management Credit funds, King Street Capital Management and TPG Credit.

Proceeds from the initial term loan will be used for general corporate purposes, including repayment of the company's existing term loan or amounts drawn on its revolving credit facility. The delayed draw term loan proceeds will fund licensing fees related to Bally's New York State casino license.

The term loans will mature five years after closing of the new financing, unless the company's unsecured bonds due 2029 remain outstanding as of March 1, 2029, in which case the loans will mature on that date. The loans will be secured by substantially all material assets of the company and its wholly-owned subsidiaries, including equity in Intralot S.A., subject to certain exceptions.

The new financing is expected to close in the first quarter of 2026, contingent on customary closing conditions including completion of the Twin River Lincoln Casino sale and leaseback transaction and repayment of all existing term loan debt.

"We appreciate the strong support of our lenders, as the A&R Commitment Letter further strengthens Bally's liquidity position while enabling continued investment in our strategic growth pipeline," said Soo Kim, chairman of the board.

Citizens Capital Markets served as financial advisor and Fried, Frank, Harris, Shriver & Jacobson LLP provided legal counsel to Bally's Corporation.

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