AGS increases incremental term loan amount to $95 million, allocates

By Sara Rosenberg

New York, April 23 – AGS (AP Gaming I LLC) upsized its incremental senior secured first-lien term loan (B3/B) due February 2024 to $95 million from $80 million, according to a market source.

As before, the term loan is priced at Libor plus 1,300 basis points with a 1% Libor floor and an original issue discount of 97.

The term loan is non-callable for two years and then there is a 101 soft call for six months.

Included in the term loan is a net first-lien leverage ratio covenant.

Allocations went out on Thursday, the source added.

Jefferies LLC is the lead arranger on the deal.

Proceeds will be used to provide cash liquidity and balance sheet flexibility.

With this transaction, the company is amending its credit agreement to modify covenants.

AGS is a Las Vegas-based designer and supplier of diverse gaming products and services to the gaming industry.

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