LAS VEGAS Boyd Gaming Corp. and MGM MIRAGE completed arrangements to finance the construction and development loan for its jointly owned Borgata Hotel and Casino in Atlantic City. Construction of the $1 billion resort, which will feature 2,010 guestrooms and a 120,000-square-foot casino, is underway with completion scheduled for the summer of 2003. The loan allows the Borgata to borrow up to $630 million to build the resort. Boyd and MGM MIRAGE are contributing approximately $200 million each in equity as the remainder of the capital. The loan, which is non-recourse to the two sponsoring companies, is being provided by a group of banks and was underwritten by five arrangers: CIBC World Markets, Deutsche Bank Securities, Banc of America Securities, Fleet National Bank and Lehman Brothers. CIBC is acting as Administrative Agent for the lenders. (12/19/00)
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