“The positive outlook reflects our belief that EDA will open on schedule and generate solid levels of EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization). S&P Global gave Enterprise Development Authority a “B –” issuer and issue-level credit rating. The report stated that the Enterprise Development Authority plans on using the senior secured notes, along with $12 million in new subordinated loans, to fund the development and construction of a Hard Rock Hotel & Casino, establish a funded interest reserve, fund pre-opening operating costs and cage cash, and fund transaction fees and expenses.
The plans were revealed in a recent credit rating released by S&P Global that stated the authority was in partnership with Hard Rock International. The Enterprise Development Authority, an agency of the Estom Yumeka Maidu Tribe of Oroville’s Enterprise Rancheria, has plans to issue $440 million in collateral-backed bonds to finance the construction of a Hard Rock Hotel & Casino in Yuba County.
