NASHVILLE— Gaylord Entertainment Co. has closed a $225 million credit facility arranged by Deutsche Bank, Bank of America and CIBC. Proceeds will be used to pay off the companys existing $60 million term loan and to complete construction of the 1,511-room Gaylord Opryland Texas Resort & Convention Center, which is on schedule to open in April 2004. The three-year, floating-rate credit facility is comprised of a $25 million senior revolving facility, a $150 million senior term loan and a $50 million subordinated term loan. The senior loans were priced at LIBOR + 3.5% and the subordinated loan was priced at LIBOR + 8 %, for a weighted average pricing of LIBOR + 4.5%.
