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Published on 6/2/2016 in the Prospect News Bank Loan Daily.

Affinity Gaming plans $375 million of new loans for refinancing

New York, June 2 – Affinity Gaming announced a refinancing that will include a new $300 million term loan B and a $75 million revolver.

Credit Suisse, Macquarie Capital and Fifth Third Bancorp will be joint lead arrangers and Credit Suisse will be administrative agent.

Proceeds from the term loan B along with $90 million of cash on hand will be used to call the company’s $200 million of 9% senior notes due 2018 and repay its existing $180 million secured term loan.

Total leverage will decline to 4.2x from 5.3x as a result of the refinancing.

The revolver will be undrawn at closing.

“Over the last two years, we have executed on a strategic plan aimed at significantly improving the company’s operating trajectory and margins,” said chief financial officer Walter Bogumil in a new release.

“In addition, a significant priority for the company has been to simplify our capital structure and de-lever the business. The expected refinancing announced today will satisfy both of these objectives by reducing gross leverage, materially reducing interest expenses and improving our cash flow profile.”

Affinity Gaming is a Las Vegas-based gaming company.


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