Western Alliance Bank, as Lead Arranger among the lender group, assisted The Jamul Indian Village of California in refinancing debt related to the construction of its casino, which is owned and operated by Jamul Indian Village Development Corporation (JIVDC).
Through a Western Alliance-led loan restructuring plan, JIVDC reduced its interest rate burden by more than $30 million annually. The debt refinancing strategy and completion earned the Jamul Indian Village of California the Business Impact Deal of the Year Award from NAFOA.
"We are extremely honored and grateful for the partnership that allowed us - working with a group of lenders - to reduce high-interest debt and improve cash flow for the Jamul Casino," said Ashan Perera, managing director, Western Alliance Gaming. "The Tribal Council's disciplined approach combined with the efforts of the casino's management team made it possible for the restructuring to become a reality."
Despite pandemic-related challenges in 2020, the initial Jamul Casino Refinancing Transaction closed in January 2021. However, due to Jamul Casino's performance later that year, JIVDC exercised its option to increase the loan from $130 million to $200 million, enabling JIVDC to move the high-interest debt over to low-interest debt and improve cash flow.
According to NAFOA, the deal's structure will be pivotal for tribal leaders looking to refinance their projects in the future.
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Bank of Nevada, a division of Western Alliance Bank, Member FDIC, delivers relationship banking that puts clients at the center of everything. Founded in 1994, Bank of Nevada offers a full spectrum of tailored business banking solutions and outstanding service, with offices in Las Vegas, Henderson, North Las Vegas and Mesquite. Bank of Nevada is part of Western Alliance Bancorporation, which has more than $65 billion in assets. Influential sources from Forbes to American Banker again rank Western Alliance Bank among the top U.S. banks in 2023. As a regional bank with significant national capabilities, Bank of Nevada delivers the reach, resources and local market expertise that make a difference for customers.