Everi Completes Repricing of $820 Million Term Loan Facility
November 13 2017 - 4:05PM
Everi Holdings Inc. (NYSE:EVRI) (“Everi” or the “Company”), the
casino gaming industry’s single source provider of gaming products
and payments solutions, announced today that it has
successfully completed the repricing of its $820.0 million Senior
Secured Term Loan (the “Term Loan”).
Under the amended Term Loan, the interest rate
has been reduced by 100 basis points to LIBOR + 3.50% from LIBOR +
4.50% and includes six months of 101 soft call protection.
The LIBOR floor remains unchanged at 1.00%. Based on the
interest rates currently in effect and a Term Loan balance
outstanding of $818.0 million, the repricing is expected to
generate cash interest savings of approximately $8.2 million on an
annualized basis. These expected cash interest savings are in
addition to the cash interest savings achieved as a result of the
Company’s May 2017 refinancing of its former First Lien Term Loan
and Senior Secured Notes. The maturity date for the Term Loan
remains May 9, 2024, and no changes were made to the financial
covenants or other debt repayment terms.
“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,”
said Randy Taylor, Executive Vice President and Chief Financial
Officer of Everi. “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.”
Cautionary Note Regarding
Forward-Looking Statements This press release
contains “forward-looking statements” as defined in the U.S.
Private Securities Litigation Reform Act of 1995. In this context,
forward-looking statements often address our expected future
business and financial performance, and often contain words such as
“goal,” “target,” “future,” “estimate,” “expect,” “anticipate,”
“intend,” “plan,” “believe,” “seek,” “project,” “may,” “should,” or
“will” and similar expressions to identify forward-looking
statements.
The forward-looking statements in this press
release are subject to additional risks and uncertainties,
including those set forth under the heading “Risk Factors” and
“Management’s Discussion and Analysis of Financial Condition and
Results of Operations” in our filings with the Securities and
Exchange Commission (the “SEC”), including, without limitation, our
Annual Report on Form 10-K for the fiscal year ended December
31, 2016 filed with the SEC on March 14, 2017 and subsequent
periodic reports, and are based on information available to us on
the date hereof.
These cautionary statements qualify our
forward-looking statements and you are cautioned not to place undue
reliance on these forward-looking statements. Any forward-looking
statement contained herein speaks only as of the date on which it
is made, and we do not intend, and assume no obligation, to update
or revise any forward-looking statements, whether as a result of
new information, future events or otherwise.
About Everi
Everi is dedicated to providing video and mechanical reel gaming
content and technology solutions, integrated gaming payments
solutions and compliance and efficiency software to casino
operators. Everi Games provides: (a) comprehensive content,
electronic gaming units and systems for Native American and
commercial casinos, including both Wide-Area Progressive systems
and the award winning TournEvent® slot tournament solution; and (b)
the central determinant system for the video lottery terminals
installed in the State of New York. Everi Payments provides: (a)
access to cash at gaming facilities via Automated Teller Machine
cash withdrawals, credit card cash access transactions, point of
sale debit card transactions, and check verification and warranty
services; (b) fully integrated gaming industry kiosks that provide
cash access and related services; (c) products and services that
improve credit decision making, automate cashier operations and
enhance patron marketing activities for gaming establishments; (d)
compliance, audit and data solutions; and (e) online payment
processing solutions for gaming operators in states that offer
intrastate, Internet-based gaming and lottery activities.
Contacts
Investor Relations Richard Land, James Leahy JCIR 212-835-8500 or
evri@jcir.com
Everi (NYSE:EVRI)
Historical Stock Chart
From Mar 2024 to Apr 2024
Everi (NYSE:EVRI)
Historical Stock Chart
From Apr 2023 to Apr 2024