American Gaming Systems to sell $150 million five-year secured notes

By Paul A. Harris

Portland, Ore., April 16 - American Gaming Systems Inc. plans to price a $150 million offering of five-year senior secured notes late in the present week or early in the week ahead, according to an informed source.

Credit Suisse Securities (USA) LLC is the bookrunner.

The Rule 144A for life notes become callable in 2.5 years. They feature a three-year 35% equity clawback and a 101% poison put.

Proceeds will be used to refinance existing debt and fund the buyout of the Bluberi Gaming Technologies development agreement.

The issuing entities are AGS Holdings, LLC and AGS Financing Corp., financing units of the Henderson, Nev.-based provider of equipment and services to the gaming industry.

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