The Snoqualmie Indian Tribe received the Deal of the Year Award from the Native American Finance Officers Association (NAFOA) today in Austin, Texas. The Tribe received the award for the closing of a new 5-year, $310 million loan. The Tribe exercised a provision in the agreement to reallocate $105 million of the taxable term loan into a new tax exempt loan. Proceeds from the deal will go towards the refinance of existing debt at Snoqualmie Casino.
“This refinancing enables the Snoqualmie Indian Tribe to better serve its membership and improve the economic vitality of current and future generations,” commented Tribe Chairwoman Carolyn Lubenau. “We thank all involved parties who helped secure the future for our Tribe and we are honored to receive this award from the Native American Finance Officers Association.”
The financing was completed in 11 weeks with the financing solution being created by Sovereign Finance and Bank of America Merrill Lynch. CIT, Key Bank, and Capital One Bank served as joint lead arrangers.
The award recognizes a tribal deal or financial venture that is original in structure and its terms are innovative for the tribe. The deal should have a lasting positive effect on the overall economic status of the tribe and its members and be beneficial to Indian Country as a whole.