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AGS Announces Repricing of Existing $509 Million Term B Loans; Commitments Secured for Additional $30 Million Term Loans

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AGS Announces Repricing of Existing $509 Million Term B Loans; Commitments Secured for Additional $30 Million Term LoansReading Time: 2 minutes

 

Significant milestone towards successful completion of credit-improvement initiatives

 

AGS (NYSE: AGS) (or the “Company”), a leading designer and supplier of electronic gaming machines, table products, and interactive solutions for the gaming industry, today announced that it has successfully repriced its existing $509 million in Term B Loans, and secured commitments from lenders for an additional $30 million in terms loans under its existing credit agreement.

The Term B Loans amendment, effective October 5, 2018, reduced the interest rate spread 75 basis points from LIBOR plus 425 basis points to LIBOR plus 350 basis points. The LIBOR floor remains at 100 basis points.  The interest rate reduction will be 100 basis points if, at any time, the Company receives a corporate credit rating of at least B1 from Moody’s. As a result of the repricing, the Company expects to realize annual cash interest savings of approximately $3.8 million. The repriced term loans continue to be due in full in February 2024.

The new $30 million term loan facility closed and funded October 5, 2018. Initial drawn pricing for the aggregate amount of the outstanding term loan is set at LIBOR plus 350 basis points.

AGS intends to use the proceeds from the financing for general corporate purposes and additional capital to accelerate growth.

AGS President and Chief Executive Officer David Lopez said, “We have been very pleased with the strong support among our lenders, which has resulted in reduced interest rates and very attractive terms for our new loan facility. Today’s announcement represents another milestone towards AGS’ growth and commitment to a strong credit profile.”

About AGS
AGS is a global company focused on creating a diverse mix of entertaining gaming experiences for every kind of player. Our roots are firmly planted in the Class II Native American gaming market, but our customer-centric culture and growth have helped us branch out to become a leading all-inclusive commercial gaming supplier. Powered by high-performing Class II and Class III slot products, an expansive table products portfolio, highly rated social casino solutions for players and operators, and best-in-class service, we offer an unmatched value proposition for our casino partners. Learn more at www.playags.com.

All® notices signify marks registered in the United States.  All ™ and ℠ notices signify unregistered trademarks.

 

Source: AGS

Source: Latest News at European Gaming Media

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Industry News

Bryke launches Link King in Spain

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Bryke, the video slots brand of Zitro, the famous  Luxemburg-based gaming company, has launched its highly successful flagship product in Spain: Link King, a unique and innovative type of game that is not like any other games available in Spain.

Link King offers impressive new features: 4 spectacular levels of progressive jackpots that are frequently granted through the bonus game, increasing the chances of winning. In addition, prizes are linked between terminals, raising their value and the player’s excitement. Spanish players can enjoy a different way of playing never before seen in Spain and already present in the best casinos in the world.

The staging of LINK KING is impressive thanks to the new FUSION cabinet that stands out due to its advanced technology and “Ultra Slim” design, occupying less space than any other piece on the market and offering the player greater comfort.

The combination of LINK KING and FUSION will transform Spanish lounges into a game show that will appeal to both the operator and player, just like what’s happening in international markets.

Source: Latest News at European Gaming Media

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RTG launched a new game, called I, Zombie

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RTG Asia, the Philippines-based gaming company, has launched a new game called I, Zombie, which is a five-reel, 25 line game. It features Amy, a gorgeous zombie killer.

“The zombie epidemic continues, but now it’s taken a personal toll: Nancy has turned! Her beautiful blue eyes have gone red, her carefully manicured nails have grown into claw-like things. She might be the WORST kind of zombie — still so sexy, so attractive, so deadly. You have to see her! And, as in life, so WILD. And she is your WILD too. You may even see two more her appear and they’ll jump across the reels… not to kill you but to help you win more,” – commented RTG Asia.

“Maybe if she could see herself in the mirror she could change back… would that help? Could that help? It’ll certainly help YOU: when you get three mirrors – the game’s scatter – you get free spins. Get four mirrors and your free spin prize doubles. Five mirrors, it trebles,” it concludes.

Source: Latest News at European Gaming Media

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William Hill US seeks modifications in regulations

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William Hill US has written a letter to the Nevada Gaming Control Board (NGCB) seeking modifications in current regulations so as to eliminate some technical glitches. This is after FanDuel paid out on an erroneous ticket that allowed the ticket holder to win US$82k in New Jersey.

It is learnt that William Hill US mainly asked the power for the Chair to use discretion in rescinding bets where an obvious error had occurred, such as wrong pricing. “This would address the situation that occurred recently in New Jersey where an operator issued a wager on a football game at a price that was obviously incorrect,” reads the letter.

Sylvia Tiscareno, general counsel of William Hill, testified during NGCB’s meeting this week and said that the request comes after several internal discussions. The panel at the meeting decided to consider the testimony before making a decision.

Source: Latest News at European Gaming Media

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