Everi Payments sets $820 million term loan at Libor plus 450 bps

By Sara Rosenberg

New York, April 28 – Everi Payments Inc. firmed pricing on its $820 million seven-year senior secured first-lien term loan at Libor plus 450 basis points, the low end of the Libor plus 450 bps to 475 bps talk, according to a market source.

Also, the original issue discount on the term loan was revised to 99.5 from 99, the source said.

The term loan still has a 1% Libor floor, 101 soft call protection for six months and a maximum secured net leverage covenant.

The company’s $855 million of credit facilities (B+) also include a $35 million five-year revolver.

Jefferies Finance LLC is the bookrunner on the deal.

Allocations are targeted for Monday afternoon, the source added.

Proceeds will be used to refinance a roughly $462.3 million first-lien term loan due 2020 and $335 million of senior secured notes due 2021.

Everi Payments is a Las Vegas-based provider of video and mechanical reel gaming content and solutions, integrated gaming payment solutions and compliance and efficiency software solutions.

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