American Gaming Systems postpones $150 million offering of notes

By Paul A. Harris

Portland, Ore., March 30 - American Gaming Systems Inc. postponed its $150 million offering of five-year senior secured second-lien notes (Caa1/B/) due to market conditions, according to an informed source.

Imperial Capital was the lead manager.

AGS Holdings LLC, the ultimate parent of American Gaming Systems, and special purpose vehicle AGS Financing Corp. were to be the issuing entities.

The Henderson, Nev.-based provider of equipment and services to the gaming industry planned to use the proceeds to pay off $134.4 million of debt at AGS LLC, a wholly owned direct subsidiary, and to fund AGS Holdings' future working capital needs.

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