AGS launches $480 million in credit facilities to investors

By Sara Rosenberg

New York, May 18 – AGS launched at its bank meeting on Thursday $480 million in credit facilities (B+), according to a market source.

The facilities include a $30 million five-year revolver and a $450 million seven-year first-lien term loan.

Price talk on the term loan is Libor plus 550 basis points with a 1% Libor floor and an original issue discount of 99.5, the source said.

The term loan has 101 soft call protection for six months and a first-lien net leverage covenant.

Jefferies Finance LLC and Macquarie Capital (USA) Inc. are the bookrunners on the deal.

Proceeds will be used to refinance the company’s existing first-lien term loan, repay certain seller notes and to put cash on the balance sheet for general corporate purposes.

Commitments are due on June 1, the source added.

AGS is a Las Vegas-based designer and manufacturer of gaming products for the casino floor.

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