New Issue: Everi Payments sells $375 million eight-year notes at par to yield 7˝%

By Paul A. Harris

Portland, Ore., Nov. 20 – Everi Payments, Inc. priced a $375 million issue of eight-year senior notes (Caa1/CCC+) at par to yield 7˝% on Monday, according to an informed source.

The yield came on top of yield talk in the 7˝% area.

Jefferies LLC was the left bookrunner. Macquarie Capital (USA) Inc. was the joint bookrunner.

The Las Vegas-based provider of gaming technology plans to use the proceeds to refinance its 10% notes due 2022.

Issuer:	Everi Payments, Inc.
Amount:	$375 million
Maturity:	Dec. 15, 2025
Securities:	Senior notes
Left bookrunner:	Jefferies LLC
Joint bookrunner:	Macquarie Capital (USA) Inc.
Coupon:	7˝%
Price:	Par
Yield:	7˝%
First call:	Make-whole call at Treasuries plus 50 bps until Dec. 15, 2020, then callable at 103.75
Equity clawback:	40% at 107.5 until Dec. 15, 2020
Trade date:	Nov. 20
Settlement date:	Dec. 5
Ratings:	Moody’s: Caa1
	S&P: CCC+
Distribution:	Rule 144A and Regulation S for life
Price talk:	7˝% area
Marketing: Roadshow

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