Refinancing of Jamul Indian Village completed through multiple lenders
Jamul Indian Village Development Corporation (JIVDC), which owns and operates Jamul Casino, has entered into a refinancing agreement with a syndicate of commercial banks. Led by Western Alliance, other contributors include US Bank, Nevada State Bank, KeyBank, First Citizens Bank, Trust Company and Columbia State Bank.
Through this transaction, JIVDC was able to repay all high-interest pre-development debt while consolidating funding into one low-interest loan. Thanks to the refinancing funds, the JIVDC was able to repay its high-interest loan and thus significantly reduced the interest rate on all of its debt.
Commenting on the development, JIVDC and Tribal Chairperson Erica M. Pinto said, “As an entirely new project, we were initially unable to secure low interest financing from the banking market. In just five short years, the casino’s exceptional performance has allowed us to refinance all of our pre-development debt and prepare for continued reinvestment and future success.
“The terms of this refinancing will allow us to quickly pay down our debt and focus on our long-term financial stability, and on new projects that will continue to bring benefits to the tribe.”
Pinto noted that as an organization, the JIVDC is grateful for the partnership with Western Alliance Bank and appreciates the flexibility and business approach demonstrated throughout the collaboration despite the challenges faced last year due to the Covid pandemic.
This is the second refinancing completed by the JIVDC in just over a year. The first was in 2021 and due to pandemic issues, the transaction took about a year. This last refinancing of 2022 was completed in just three months with a significant drop in interest rates.