Everi Payments to launch $735.5 million term loan on Wednesday

By Sara Rosenberg

New York, Jan. 26 – Everi Payments Inc. is scheduled to hold a lender call at 9:30 a.m. ET on Wednesday to launch a roughly $735.5 million first-lien term loan (B1/B+/BB) due May 9, 2024, according to a market source.

Jefferies LLC is the bookrunner on the deal.

Price talk on the term loan is Libor plus 275 basis points with a 0.75% Libor floor and a par issue price, the source said.

The term loan has 101 soft call protection for six months upon effectiveness of the transaction and a maximum consolidated secured leverage covenant.

Proceeds will be used to reprice an existing term loan down from Libor plus 275 bps with a 1% Libor floor, meaning it is just the Libor floor that will be changing through this transaction.

Commitments/consents are due at 11:30 a.m. ET on Friday, the source added.

Everi is a Las Vegas-based provider of video and mechanical reel gaming content and solutions, integrated gaming payment solutions and compliance and efficiency software solutions.

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