S&P gives AP Gaming facility B

S&P said it rated AP Gaming Holdings LLC’s planned $615 million credit facility B with a 3 recovery rating. The facility will include a $40 million revolver due 2027 and a $575 million term loan. The agency assigned similar ratings to AP Gaming’s $80 million incremental term loan on April 22, 2020 and affirmed the company’s B ratings on March 31.

AP Gaming plans to use term loan proceeds and cash on hand, to refinance its capital structure and repay about $40 million of debt.

Concurrently, the agency affirmed AP Gaming’s B issuer rating but changed the outlook to stable from negative.

“The stable outlook reflects our expectation for improving leverage in 2022 because of the continued recovery in AP Gaming's operating performance, despite some softness in its international installed base and equipment sales, and its use of cash to repay debt,” S&P said in a press release.

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