Everi cuts $125 million term loan spread to Libor plus 1,050 bps

By Sara Rosenberg

New York, April 14 – Everi Payments reduced pricing on its $125 million senior secured first-lien term loan (B1/B+/BB) due May 9, 2024 to Libor plus 1,050 basis points from Libor plus 1,250 bps, according to a market source.

As before, the term loan has a 1% Libor floor, an original issue discount of 98, and call protection of non-callable for two years, then a 101 soft call for six months.

The term loan has a maximum consolidated secured net leverage covenant.

Commitments were due at 2:30 p.m. ET on Tuesday, accelerated from end of day on Tuesday, the source said.

Allocations went out on Tuesday afternoon, the source added.

Jefferies LLC is the lead arranger on the deal.

Proceeds will be used to provide working capital and for general corporate purposes.

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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