By Paul A. Harris
Portland, Ore., June 30 – Everi Holdings Inc. priced a $400 million issue of eight-year senior notes (B3/B/BB-) at par to yield 5% on Wednesday, according to market sources.
The yield printed 12.5 basis points through official talk in the 5¼% area. Initial guidance was 5¼% to 5½%.
Jefferies LLC was at the left of a syndicate of bookrunners that also included Barclays, Stifel Nicolaus & Co. Inc. and Truist Securities Inc.
Proceeds plus a $600 million term 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 Las Vegas-based provider of land-based and digital casino gaming content and products, financial technology and player loyalty solutions.
| Issuer: | Everi Holdings Inc.
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| Amount: | $400 million
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| Maturity: | July 15, 2029
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| Securities: | Senior notes
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| Bookrunners: | Jefferies LLC, Barclays, Stifel Nicolaus & Co. Inc. and Truist Securities Inc.
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| Coupon: | 5%
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| Price: | Par
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| Yield: | 5%
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| Call protection: | Three years
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| Trade date: | June 30
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| Settlement date: | July 15
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| Ratings: | Moody's: B3
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| S&P: B
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| Fitch: BB-
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 5¼% area
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