Amaya to launch repricing of U.S. and euro term loans on Wednesday

By Sara Rosenberg

New York, Feb. 14 – Amaya Holdings BV is scheduled to hold a lender call at 10 a.m. ET on Wednesday to launch a repricing of its $2,021,000,000 covenant-light term loan B due August 2021 and €286 million covenant-light term loan B due August 2021, according to a market source.

Deutsche Bank Securities Inc., Barclays and Macquarie Capital (USA) Inc. are the bookrunners on the deal.

Price talk on the repriced U.S. term loan is Libor plus 350 basis points with a 1% Libor floor and a par issue price, and talk on the repriced euro loan is Euribor plus 375 bps with no floor and a par issue price, the source said.

Included in the repriced loans is 101 soft call protection for six months.

The repricing will take the U.S. term loan down from Libor plus 400 bps with a 1% Libor floor and the euro term loan down from Euribor plus 425 bps with a 1% floor.

Also, the company is looking to amend its term loans to waive the 2016 and 2017 excess cash flow sweep payments, the source continued.

Lenders are being offered a 15 bps amendment fee.

Commitments and amendment consents from existing lenders are due by 5 p.m. ET on Feb. 22 and new lender commitments are due by noon ET on Feb. 24, the source added.

Amaya is a Pointe-Claire, Quebec-based poker operator and public online real money gaming company.

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