Toronto advised Parq Holdings in its cross border 1st/2nd lien financing of the Parq urban resort

January 14, 2015

Client: Parq Holdings

Represented Parq Holdings Limited Partnership, as borrower, in the US$415m cross-border first lien / second lien (1L/2L) senior secured bank financing of the Parq urban resort and casino in Vancouver, featuring two luxury hotels, 60,000 square feet of conference and meeting space, six restaurants and lounges, retail space and a new home for the existing Edgewater Casino. The debt financing was an extremely complex 1L/2L loan structure, comprised of a US$265m first lien term loan B credit facility and a US$150m second lien credit facility, arranged by a syndicate of financial institutions led by Credit Suisse Securities (USA) LLC. In addition to the complex negotiations between the 1st lien and 2nd lien lenders was also the negotiation of the equity injection from a syndicate of equity investors.