Amaya Gaming lifts add-on U.S. and euro term loan to $425 million

By Sara Rosenberg

New York, Aug. 6 – Amaya Gaming Group Inc. upsized its add-on U.S. and euro first-lien covenant-light term loan (B1/BB-) due August 2021 to $425 million-equivalent from $400 million-equivalent, according to a market source.

Tranching on the add-on term loan firmed at $325 million and €92 million, the source said.

Also, the original issue discount on the euro tranche was tightened to 99.75 from 99.5, while the discount on the U.S. tranche remained at 99.5.

The add-on term loan still has 101 soft call protection for six months.

Pricing on the add-on is Libor plus 400 basis points on the U.S. piece and Euribor plus 425 bps on the euro piece, with both having a 1% floor. This pricing matches existing U.S. and euro first-lien term loan pricing.

Deutsche Bank Securities Inc., Macquarie Capital (USA) Inc., Goldman Sachs Bank USA and Barclays are the bookrunners on the deal.

Recommitments from U.S. lenders were due at the end of the day on Thursday, and recommitments from euro accounts are due at 9 a.m. ET on Friday, the source continued.

Proceeds will be used with about $195 million of cash to repay $600 million of the company’s existing $800 million second-lien term loan, increased from a $575 million paydown due to the term loan upsizing, the source added.

Along with the add-on, the company is seeking an amendment to its existing first-lien term loan, for which lenders are still offered a 25 bps consent fee.

The borrowers are Amaya Holdings BV and Amaya (US) Co-Borrower LLC.

Amaya is a Pointe-Claire, Quebec-based provider of gaming products and services.

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