AGS launches $80 million incremental term loan at Libor plus 1,300 bps

By Sara Rosenberg

New York, April 21 – AGS (AP Gaming I LLC) held a lender call at 2 p.m. ET on Tuesday to launch an $80 million incremental senior secured first-lien term loan due February 2024, according to a market source.

Price talk on the term loan is Libor plus 1,300 basis points with a 1% Libor floor and an original issue discount of 97, the source said.

The term loan is non-callable for two years then at 101 for six months.

Jefferies LLC is the lead bank on the deal.

Proceeds will be used to provide cash liquidity and balance sheet flexibility.

With this transaction, the company is seeking an amendment to its credit agreement to modify covenants.

Lender consents are due at 2 p.m. ET on Thursday and commitments are due at 4 p.m. ET on Thursday, the source added.

AGS is a Las Vegas-based designer and supplier of diverse gaming products and services to the gaming industry.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.