Western Alliance Gaming Among Lenders Recognized By Native American Finance Officers Association
Western Alliance Bank’s Gaming Group was among those recognized by the Native American Finance Officers Association (NAFOA).
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.
Learn More about the Western Alliance Gaming Group:
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Western Alliance Bank
With more than $70 billion in assets, Western Alliance Bancorporation is one of the country’s top-performing banking companies. Its primary subsidiary, Western Alliance Bank, Member FDIC, offers a full spectrum of tailored commercial banking solutions and consumer products, all delivered with outstanding service by banking and mortgage experts who put customers first. Major accolades include being ranked as a top U.S. bank in 2023 by American Banker and Bank Director and receiving #1 rankings on Institutional Investor's All-America Executive Team Midcap 2023-2024 for Best CEO, Best CFO, Best Company Board of Directors and Best Investor Relations Team. Serving clients across the country wherever business happens, Western Alliance Bank operates individual, full-service banking and financial brands with offices in key markets nationwide.
