Great Canadian amends credit agreements to waive financial covenants

By Taylor Fox

New York, Nov. 30 – Great Canadian Gaming Corp. executed amendments to each of its credit agreements to temporarily waive some financial and other covenants, according to a news release.

The waivers are in effect until Sept. 29, 2021, except for the waiver for the facility entered into by Ontario Gaming GTA Limited Partnership, which expires on June 30, 2021 unless extended to Sept. 29, 2021.

Certain waivers require the maintenance of a liquidity covenant during the waiver period.

Great Canadian also made available a shareholder update in respect of its proposed acquisition by an affiliate of funds managed by affiliates of Apollo Global Management, Inc.

The shareholder update discusses the background to the transaction, reasons to support the transaction and certain risks and uncertainties being faced by Great Canadian as a result of the Covid-19 pandemic.

A special meeting of shareholders and optionholders will be held virtually at 2 p.m. ET Dec. 23 to approve the transaction.

The board of directors unanimously recommended that securityholders vote for the transaction.

Great Canadian is a North York, Ont.-based gaming, entertainment and hospitality company.

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