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American Gaming Systems to launch $175 million credit facility Tuesday
By Sara Rosenberg
New York, April 12 - American Gaming Systems Inc. is scheduled to hold a bank meeting on Tuesday to launch its proposed $175 million senior secured credit facility, according to a market source.
UBS is the lead bank on the deal.
The facility consists of a $20 million five-year revolver, a $125 million six-year first-lien term loan and a $30 million six-year delayed-draw first-lien term loan, the source said, adding that price talk is not yet available.
Proceeds will be used to refinance the company's existing debt and to fund new business development.
The deal is expected to close by May 7.
American Gaming Systems is a Simpsonville, S.C., designer, manufacturer and operator of slot machines and other games for the U.S. Native American casino market.
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