- Details
- By Brian Edwards
- Finance
The Soboba Band of Luiseño Indians closed a $219 million senior secured credit package to refinance existing debt and fund construction of an on-site energy facility at its Riverside County gaming resort, according to the lead arranger.
The financing, which closed Feb. 12, consists of a $129 million revolving credit facility and a $90 million tax-exempt term loan. Proceeds will refinance existing indebtedness, fund development and construction of a combined heat and power plant at Soboba Casino Resort, and pay related fees and expenses.
KeyBanc Capital Markets, Inc. served as left lead arranger, joint bookrunner and administrative agent.
The tribe plans to construct a cogeneration plant designed to produce electricity and hot water on-site. The project includes installation of a microgrid controller, electrical infrastructure upgrades and electric vehicle charging infrastructure. According to the finance arranger, the improvements are expected to allow the resort to meet 100% of its electricity demand on-site.
The financing follows earlier energy investments at the property. In 2023, the tribe launched development of a rooftop solar and battery storage microgrid at the casino resort in partnership with Scale Microgrids. That project included 1.5 megawatts of solar generation and a 6 megawatt-hour battery storage system.
Soboba Casino Resort includes more than 100,000 square feet of gaming space with more than 2,000 slot machines and 30 table games, along with a 200-room hotel, spa and golf course on the tribe’s approximately 8,000-acre reservation near San Jacinto, California.
