Amaya Holdings shifts funds between U.S. and euro term loans

By Sara Rosenberg

New York, Feb. 27 – Amaya Holdings BV downsized its U.S. covenant-light term loan B due August 2021 to about $1.92 billion from $2,021,000,000 and upsized its euro covenant-light term loan B due August 2021 to about €386 million from €286 million, according to a market source.

Pricing on the U.S. term loan is still Libor plus 350 basis points with a 1% Libor floor and a par issue price, and pricing on the euro loan is still Euribor plus 375 bps with no floor and a par issue price.

The term loans have 101 soft call protection for six months.

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

Proceeds will be used to reprice an existing U.S. term loan down from Libor plus 400 bps with a 1% Libor floor and an existing euro term loan down from Euribor plus 425 bps with a 1% floor.

As before, the company is also looking to amend its term loans to waive the 2016 and 2017 excess cash flow sweep payments.

However, the amendment request was revised to add a new provision that will tighten the permitted holders definition in the event of a change of control. The company will report that the full amount of the 2016 excess cash flow payment will be used to pay down the deferred payment by May 15, the source continued.

Lenders are still offered a 15 bps amendment fee.

Allocations are targeted for Tuesday, the source added.

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

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