AGS tightens discount on $450 million first-lien term loan to 99.75

By Sara Rosenberg

New York, June 5 – AGS changed the original issue discount on its $450 million seven-year first-lien term loan to 99.75 from 99.5, according to a market source.

Pricing on the term loan remained at Libor plus 550 basis points with a 1% Libor floor, and there is still 101 soft call protection for six months.

The term loan has a first-lien net leverage covenant.

The company’s $480 million of credit facilities (B2/B+) also include a $30 million five-year revolver.

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

Allocations are expected on Tuesday morning, the source added.

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

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

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