EVERI Announces Successful Completion of the Previously Announced Partial Redemption of its 7.50% Senior Unsecured Notes due ...
January 06 2020 - 4:05PM
Everi Holdings Inc. (NYSE: EVRI) (“Everi” or the “Company”), a
premier provider of gaming products, financial technology and
player loyalty solutions in the gaming industry, today announced
that it successfully completed the previously announced redemption
of $84.5 million of the Company’s 7.50% Senior Unsecured Notes due
2025, along with payment of accrued and unpaid interest thereon
plus any related premiums, fees and costs, using a portion of the
net proceeds from the previously disclosed common stock offering
completed on December 10, 2019.
As a result of this redemption, along with the
pay down of $30.5 million of the Company’s Senior Secured Term Loan
on December 10, 2019 and the successful repricing of the Senior
Secured Term Loan under its Credit Agreement dated as of May 9,
2017 (as amended), which reduced the Applicable Rate for interest
by 25 basis points, Everi has lowered its cash interest expense by
$9.6 million, on an annualized basis at current rates. These
financial transactions were enabled by the successful completion on
December 10, 2019 of a registered follow-on common stock offering
that generated net proceeds of approximately $123.0 million after
underwriting discounts but before estimated offering expenses
payable by the Company.
Forward-Looking StatementsThe
forward-looking statements in this press release are subject to a
variety of 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
periodic reports filed with the Securities and Exchange Commission
(the “SEC”), including, without limitation, our Annual Report on
Form 10-K for the year ended December 31, 2018, 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
statements, including the use of proceeds from the Offering,
contained herein speaks only as of the date, today January 6, 2020,
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,
except as required by law.
About Everi Everi is a leading
supplier of imaginative entertainment and trusted technology
solutions for the casino, interactive, and gaming industry. With a
focus on both customers and players, the Company develops
entertaining games and gaming machines, gaming systems and
services, and is the preeminent and most comprehensive provider of
core financial products and services, player loyalty tools and
applications, and intelligence and regulatory compliance solutions.
Everi’s mission is to provide casino operators with games that
facilitate memorable player experiences, offer seamless and secure
financial transactions for casinos and their patrons, and deliver
software tools and applications to improve casino operations
efficiencies and fulfill regulatory compliance requirements. Everi
provides these products and services in its effort to help make
customers successful. For more information, please visit
www.everi.com, which is updated regularly with financial and other
information about the Company.
Contacts
Investor RelationsEveri
Holdings Inc.William PfundVP, Investor Relations702-676-9513 or
william.pfund@everi.com
JCIRRichard Land, James Leahy212-835-8500 or evri@jcir.com
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