Everi Announces Successful Completion of Term Loan Repricing
February 02 2021 - 4:22PM
Everi Holdings Inc. (NYSE: EVRI) (“Everi” or the “Company”), a
premier provider of land-based and digital casino gaming products,
financial technology and player loyalty solutions, today announced
that it successfully completed the repricing of its $735.5 million
First Lien Term Loan under its Credit Agreement as amended February
2, 2021 (the “Credit Agreement”).
Under the amended Credit Agreement, the LIBOR
and Base Rate floor components of the interest rate applicable to
the First Lien Term Loan were reduced by 25 basis points to 0.75%
from 1.00% and to 1.75% from 2.00%, respectively. The LIBOR and
Base Rate margins applicable to the First Lien Term Loan remain
unchanged at 2.75% and 1.75%, respectively. The amended Credit
Agreement includes six months of 101 soft call protection. The
maturity of the First Lien Term Loan remains May 9, 2024, and no
changes were made to the financial covenants or other debt
repayment terms.
Jefferies acted as advisor and sole lead
arranger for this amendment to the Credit Amendment.
“This repricing of our First Lien Term Loan
reflects the tremendous progress we are achieving with
strengthening our operating results,” said Mark Labay, Executive
Vice President and Chief Financial Officer of Everi. “At current
rates and with our existing balance on the First Lien Term Loan
outstanding, the 25-basis-point reduction in our LIBOR floor is
expected to generate cash interest rate savings of $1.8 million on
an annualized basis. This repricing provides another important
improvement to our capital structure following similar activities
over the past few years that have significantly lowered the
weighted average interest rate on our outstanding debt obligations.
These savings improve our ability to generate Higher Free Cash Flow
in future periods, providing opportunities for incremental
deleveraging and the creation of new value for our
shareholders.”
About Everi
Everi (NYSE: EVRI) is a leading supplier of
imaginative entertainment and trusted technology solutions for the
casino and digital gaming industry. Everi’s mission is to transform
the casino floor through innovative gaming and financial technology
and loyalty solutions. With a focus on both land-based and digital
gaming operators and players, the Company develops entertaining
games and gaming machines, gaming systems and services that
facilitate memorable player experiences, and is a preeminent and
comprehensive provider of financial products and services that
offer convenient and secure cash and cashless-based financial
transactions, self-service player loyalty tools and applications,
and intelligence software and other intuitive solutions that
improve casino operational efficiencies and fulfill regulatory
compliance requirements. Everi provides these products and services
in its effort to help make customers even more successful. For more
information, please visit www.everi.com, which is updated regularly
with financial and other information about the Company.
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, including statements regarding the anticipated
benefits to the Company and its shareholders of the amended First
Lien Term Loan.
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,
2019 filed with the SEC on March 2, 2020 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.
This press release should be read in conjunction
with our most recent reports on Form 10-K and Form 10-Q, and the
information included in our other press releases, reports and other
filings with the SEC. Understanding the information contained in
these filings is important in order to fully understand our
reported financial results and our business outlook for future
periods.
CONTACTS
Investor Relations |
|
Everi Holdings Inc.William PfundSVP, Investor Relations702-676-9513
or william.pfund@everi.com |
JCIRRichard Land, James Leahy212-835-8500
or evri@jcir.com |
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