Investor Presentaiton
| LOW COST CAPITAL STRUCTURE
Spread
Rate(1)
Maturity
red rock resorts
Amount as of
9/30/2021
Palms Sale
Proforma
9/30/2021
739,925
Cash
89,925
Revolver
Term Loan A
L+1.50%
1.600%
February 2025
L+1.50%
1.600%
February 2025
174,774
174,774
Term Loan B(2)
L+2.25%
2.500%
February 2027
1,492,452
1,492,452
Senior Secured Debt
1,667,226
1,667,226
Senior Notes (2025)
Senior Notes (2028)
5.00%
October 2025
280,333
280,333
Other
Total Debt(3)
Net Debt
4.50%
3.83%
3.24%
February 2028
690,796
690,796
41,361
41,361
2,679,716
2,589,791
2,679,716
1,939,791
September 2021 TTM EBITDA
Gross Leverage
Net Leverage
701,868
701,868
3.8x
3.8x
3.7x
2.8x
Stable and low cost capital structure with nearest maturity not until 2025 ensures maximum flexibility
(1) Total Rate includes LIBOR of 10 bps
(2) Term Loan B includes LIBOR floor of 25 bps
INVESTOR PRESENTATION November 2021
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