The Ione Band of Miwok Indians has closed a $110,000,000 delayed draw term loan facility sourced from Gaming and Leisure Properties (GLPI). The tribe has an option at the end of the loan term to satisfy the loan obligation by converting the outstanding principal into a long-term lease with an initial term of 25 years and a maximum term of 45 years. The agreements were entered into subsequent to receiving a declination letter from the National Indian Gaming Commission (NIGC) providing a declination letter with respect to the transaction documents, including the long-term lease.
“This transaction represents the first time that a REIT has provided both project financing and/or a long-term lease option to a tribe for purposes of direct investment in a gaming asset on tribal trust lands,” said Ione Tribal Chairperson Sara Dutschke.
