Progressive Gaming executes term sheet for new credit facility
Progressive Gaming also plans to use the proceeds from the strategic investment to retire the remaining us$ 30 million of its 11.875% Senior Secured Notes on August 15, 2008. The firm expects to finalize agreements for both financings later this month following the completion of definitive documentation.
Its President and CEO, Russel McMeekin, stated, "Once finalized, the proceeds from these two agreements are expected to lead to the retirement of our remaining 11.875% Senior Secured Notes. The elimination of our high yield debt will address the last remaining legacy issue which has masked the significant operating momentum we are achieving with our core systems technology.”
“The new credit facility, combined with our cash position (which was approximately us$ 10 million as of June 30, 2008 and reflects our semi-annual interest payment in April 2008 of approximately us$ 2 million) is expected to provide additional flexibility in the future to support Progressive Gaming’s solid growth," he concluded.
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