Rivers Enterprise Borrower LLC intends to acquire the equity stake of Rivers Casino Pittsburgh from majority owner Walton Street Majestic Star Holdings and other minority investors for approximately $550 million. Rivers? majority owner, the Bluhm family, will roll its existing minority equity stake in Rivers Pittsburgh into Rivers Enterprise Borrower in conjunction with this transaction. It plans to fund the acquisition and repayment of Rivers Pittsburgh?s debt with proceeds from an upsized $550 million revolving credit facility due in 2030 and $600 million senior secured notes due in 2030. Despite an increase in pro forma S&P Global Ratings-adjusted leverage to about 5x from about 4x, we believe this transaction moderately improves Rivers? geographic diversity, reduces EBITDA concentration in Portsmouth, Va.,
