J&J Gaming launches $73 million incremental loan at 99.5-99.75 OID

By Sara Rosenberg

New York, Sept. 21 – J&J Gaming (J&J Ventures Gaming LLC) launched on Tuesday its fungible $73 million incremental covenant-lite first-lien term loan (B2/B) due April 2028 with original issue discount talk of 99.5 to 99.75, according to a market source.

Pricing on the incremental term loan is Libor plus 400 basis points with a 0.75% Libor floor, in line with existing first-lien term loan pricing.

The incremental term loan has 101 soft call protection through Oct. 26.

Credit Suisse Securities (USA) LLC is the lead arranger on the deal.

Commitments are due at 5 p.m. ET on Wednesday, moved up from 5 p.m. ET on Thursday shortly after launch, the source added.

Proceeds will be used to fund a tuck-in acquisition.

J&J is an operator of video gaming terminals in Illinois.

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