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AGS Completes Debt Refinancing and Expands Credit Facility Capacity

17 february 2022
Author: James Burton
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The gambling company PlayAGS has gone through with the refinancing procedure of debts. There has been a payment that made the general amount of the company’s debt smaller by 40 million USD. This operation has also downsized the annual interest expenses by nearly 10 million USD.

AGS completes debt refinancing: new credit facility capacity

Everything about the Procedure

The refinancing was completed due to the company being given a fresh loan, which equalled over 570 million USD. The cash was provided to the group until 2029, and the proceeds of this money were used to pay off all the finances that remained under the current loan, along with all the expenses related to it.

This procedure took place because of the originally renewed credit line of 40 million USD, which is set to be paid off in 2027 and was unused at closing. The term loan’s interest will be at a rate of SOFR with an addition of 4% if the minimal SOFR equals 0.75%. As for the new revolving option, it will be 4% if the floor is 0.

Comments from Representatives

Kimo Akiona, the voice of AGS, is incredibly satisfied with the inevitable recent procedure and its result. In his words, it is an excellent outcome for the company, because it reduces the level of debt and improves the enterprise’s current standing. He added that the capacity of the group has gone up to 40 million USD, and this is a beneficial thing because it improves the general flexibility in terms of finances.

The business group has given the SEC extra details during the transactional operations. Akiona continued speaking out on the recent events, saying that with everything that took place lately, he is confident that 2022 will be a financially productive year for the company. He is determined to reach all the business goals planned for this yearly period and is confident that the group is at its peak.

How It Started

The group had plans to meddle with the debt refinancing issue and improve the general capacity. It was preceded by the report from the final quarterly period of 2021 and the overall year.

It was generally expected that the revenue earned during the fourth quarter would be approximately between 68−70 million USD. For the whole year, it was expected that the enterprise would earn a sum starting at 258 million USD and ending at 261 million USD, which would be an improvement from the first pandemic-affected year.

The loss for the quarter was expected to be from 6 to 11 million USD. As for the yearly loss, it would allegedly be 19 to 24 million USD. There was a huge, disappointing loss of 85.3 million USD in 2020 due to the COVID-19 complications. They held a negative influence on the company. However, the firm has managed to find the right way out and show first great results.

As CEO David Lopez stated, the results of the last quarter reflected the business momentum which demonstrates the recent successes of the business establishment. He expressed huge confidence in the impressive production that the group is offering to the customers and was hugely optimistic about future endeavours.

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