Everi completes refinancing of $820m term loan facility

Everi Holdings has completed the refinancing of its $820m (€701.7m) senior secured term loan.

Under the amended term loan, the interest rate has been reduced from 4.50% to 3.50% and also includes six months of 101 soft call protection, with the LIBOR floor to remain unchanged at 1.00%.

Everi said based on current interest rates and an outstanding term loan balance of $818m, the repricing should generate cash interest savings of approximately $8.2m each year.

The maturity date for the term loan remains unchanged at May 9, 2024, with no changes being made to the financial covenants or other debt repayment terms.

Randy Taylor, executive vice-president and chief financial officer of Everi, said: “The reduced interest rate on our term loan is a direct result of the tremendous progress we have made throughout 2017 and our ability to successfully execute on our business plan.

“This repricing provides another important update to our capital structure.

“We continue to reduce our annual cash interest costs and improve our ability to generate additional free cash flow in future periods, which provides opportunities for incremental deleveraging and the creation of new value for our shareholders.”

source : www.igamingbusiness.com

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