Rivers Enterprise Borrower LLC intends to consolidate its ownership of the Rivers Philadelphia, Rivers Schenectady, and Rivers Portsmouth casinos. The company also plans to repay the existing debt at each property and return approximately $300 million of capital to its owners, which it will fund with the proceeds from a new $350 million revolving credit facility due 2030 and $600 million of senior secured notes due 2033. S&P Global Ratings assigned its 'B+' issuer credit rating to Rivers Enterprise Borrower. At the same time, we assigned our 'B+' issue-level rating and '3' recovery rating to the proposed revolver and secured notes. The '3' recovery rating indicates our expectation for meaningful (50%-70%; rounded estimate: 65%) recovery for lenders in the event
