Global Cash cuts bond offering to $350 million from $400 million

By Paul A. Harris

Portland, Ore., Nov. 25 – Global Cash Access Holdings Inc. downsized its proposed offering of eight-year senior notes (Caal/CCC+/) to $350 million from $400 million, according to a market source.

Timing on the deal has not yet been announced.

BofA Merrill Lynch and Deutsche Bank Securities Inc. will be joint bookrunners.

In addition to downsizing the notes offering, the company also downsized its term loan to $500 million from $800 million.

Proceeds, together with borrowings under a proposed revolver, will be used to help fund the acquisition of Austin, Texas-based gaming technology company Multimedia Games Holding Co. Inc. and to repay bank debt.

Global Cash is a Las Vegas-based provider of fully integrated cash access solutions and related services to the gaming industry.

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