American Gaming Systems ups spread on term loan to Libor plus 825 bps

By Sara Rosenberg

New York, Dec. 16 - American Gaming Systems lifted pricing on its $155 million term loan to Libor plus 825 basis points from talk of Libor plus 750 bps to 775 bps, according to a market source.

Also, the original issue discount on the term loan was revised to 97 from 98, the source said.

The term loan still has a 1% Libor floor and is non-callable for one year, then at 102 in year two and 101 in year three.

The company's $180 million credit facility also includes a $25 million revolver.

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

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

Commitments are due at 5p.m. ET on Tuesday, the source added.

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

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