AGS completes refinancing process
The proceeds of the term loans were used primarily to repay the $40 million revolving credit facility and $410 million existing term loan which were due to mature in 2018 and 2020, respectively, and to pay for the fees and expenses incurred in connection with the foregoing and otherwise for general corporate purposes.
The interest rate per annum for borrowings for the new facility is calculated based upon LIBOR plus an applicable margin of 5.5%. The applicable margin of the new facility is 275 basis points lower than the applicable margin for comparable borrowings under the former facility. The transaction is expected to save approximately $10 million of annual cash interest per year.
“We are very pleased with the successful refinancing of our credit facilities. The new debt structure will provide us with additional flexibility and liquidity to continue to grow while reducing our interest rate and strengthening our balance sheet,” said David Lopez, President and Chief Executive Officer of AGS.
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