American Gaming Systems launches $180 million credit facility

By Sara Rosenberg

New York, Dec. 3 - American Gaming Systems held a bank meeting on Tuesday to launch a $180 million credit facility, according to a market source.

Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Nomura and Credit Suisse Securities (USA) LLC are the lead banks on the deal.

The facility consists of a $25 million revolver and a $155 million term loan, the source said.

Price talk on the term loan is Libor plus 750 basis points to 775 bps with a 1% Libor floor and an original issue discount of 98, the source continued.

The term loan is non-callable for one year, then at 102 in year two and 101 in year three.

Proceeds will be used to help fund the buyout of the company by Apollo.

American Gaming is a Las Vegas-based manufacturer and operator of gaming machines.

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