American Gaming Systems to sell $150 million five-year secured notes

By Paul A. Harris

Portland, Ore., March 15 - American Gaming Systems Inc. will hold an investor roadshow for a $150 million offering of five-year senior secured second-lien notes (Caa1/B/) through the middle part of the week ahead, according to an informed source.

Imperial Capital is the lead manager.

AGS Holdings LLC, the ultimate parent of American Gaming Systems, and special purpose vehicle AGS Financing Corp. are the issuing entities.

The notes come with 2.5 years of call protection.

The Henderson, Nev.-based provider of equipment and services to the gaming industry plans to use the proceeds to pay off $134.4 million of debt at AGS LLC, a wholly owned direct subsidiary, and to fund AGS Holdings' future working capital needs.

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