TGB Does Early Pay Off of Casino Upgrade Loan
By Joe Morey
At a December Lac Courte Oreilles Tribal Governing Board (TGB) meeting, a motion was made by Secretary-Treasurer Tweed Shuman to pay off the Senior Secured Term loan balance of $1.7 million from First Secure Bank that was used for debt refinancing and to fund the Sevenwinds Casino upgrades in 2017. This loan would have matured on November 25, 2023.
Shuman announced that $30 million dollars was borrowed to refinance the existing series 2006 bonds of $25 million and $5 million to fund improvement projects at Sevenwinds Casino in May of 2017. The refinancing was done in a $20.7 million dollar bond while the remaining debt was a loan from First Secure Community Bank for $9.8 million.
“I made the recommendation to TGB that we move forward with paying off the First Secure Community Bank loan balance of $1.7million as it would save us thousands of dollars in interest and fees,” Shuman stated. He noted that we have already paid Millions in interest only payments on the Series 2017 Bonds and the principle amount of $20 million is scheduled for repayment until June 2032 per the language within the supplemental indenture.
Shuman stated that TGB wanted to sincerely give credit and Chi Miigwech to our Tribal Enterprises, Sevenwinds Casino, Enbridge, and LCO Financial Services for all their success in fully supporting this fiscally responsible endeavor.
According to Shuman, First Secure Bank has now just recently expressed interest in financially supporting the new Lac Courte Oreilles Health Center project hoping to break ground this spring.