Everi bonds shape up inside of talk; $400 million eight-year notes launch at 5%; pricing Wednesday

By Paul A. Harris and Sara Rosenberg

Portland, Ore., June 30 – Everi Holdings Inc. ratcheted down pricing on its $1 billion debt refinancing package presently being shepherded through the leverage markets.

The Las Vegas-based company launched its $400 million offering of eight-year non-call three-year senior notes (B3/B) at 5%, 12.5 basis points through official talk in the 5¼% area. Initial guidance was 5¼% to 5½%.

The Rule 144A and Regulation S for life deal is expected to price before the end of the New York morning.

Jefferies LLC, Barclays, Stifel Nicolaus & Co. Inc. and Truist Securities Inc. are the joint bookrunners.

Everi Holdings also cut pricing on its concurrent $600 million term loan to Libor plus 250 bps from 275 bps and shaved 25 bps off the OID, increasing the price to 99.75 from 99.5.

Loan commitments are due on Wednesday.

Proceeds from the bonds and loan will be used to refinance debt. The company intends to refinance its $35 million revolver due 2022 and $820 million term loan due 2024, prepay in full its $125 million incremental term loan due 2024 and redeem its $285.4 million of notes due 2025.

Everi is a provider of land-based and digital casino gaming content and products, financial technology and player loyalty solutions.

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