LAS VEGAS, Feb. 02, 2021 (GLOBE NEWSWIRE) — Everi Holdings Inc. (NYSE: EVRI) (“Everi” or the “Firm”), a premier supplier of land-based and digital on line casino gaming merchandise, monetary expertise and participant loyalty options, at the moment introduced that it efficiently accomplished the repricing of its $735.5 million First Lien Time period Mortgage below its Credit score Settlement as amended February 2, 2021 (the “Credit score Settlement”).
Below the amended Credit score Settlement, the LIBOR and Base Price ground parts of the rate of interest relevant to the First Lien Time period Mortgage have been decreased by 25 foundation factors to 0.75% from 1.00% and to 1.75% from 2.00%, respectively. The LIBOR and Base Price margins relevant to the First Lien Time period Mortgage stay unchanged at 2.75% and 1.75%, respectively. The amended Credit score Settlement consists of six months of 101 smooth name safety. The maturity of the First Lien Time period Mortgage stays Might 9, 2024, and no adjustments have been made to the monetary covenants or different debt reimbursement phrases.
Jefferies acted as advisor and sole lead arranger for this modification to the Credit score Modification.
“This repricing of our First Lien Time period Mortgage displays the great progress we’re reaching with strengthening our working outcomes,” mentioned Mark Labay, Govt Vice President and Chief Monetary Officer of Everi. “At present charges and with our current stability on the First Lien Time period Mortgage excellent, the 25-basis-point discount in our LIBOR ground is predicted to generate money rate of interest financial savings of $1.8 million on an annualized foundation. This repricing supplies one other necessary enchancment to our capital construction following related actions over the previous few years which have considerably lowered the weighted common rate of interest on our excellent debt obligations. These financial savings enhance our capacity to generate Increased Free Money Circulate in future durations, offering alternatives for incremental deleveraging and the creation of latest worth for our shareholders.”
About Everi
Everi (NYSE: EVRI) is a number one provider of imaginative leisure and trusted expertise options for the on line casino and digital gaming business. Everi’s mission is to rework the on line casino ground via progressive gaming and monetary expertise and loyalty options. With a give attention to each land-based and digital gaming operators and gamers, the Firm develops entertaining video games and gaming machines, gaming methods and companies that facilitate memorable participant experiences, and is a preeminent and complete supplier of economic services that provide handy and safe money and cashless-based monetary transactions, self-service participant loyalty instruments and functions, and intelligence software program and different intuitive options that enhance on line casino operational efficiencies and fulfill regulatory compliance necessities. Everi supplies these services in its effort to assist make prospects much more profitable. For extra data, please go to www.everi.com, which is up to date usually with monetary and different details about the Firm.
Cautionary Observe Relating to Ahead-Trying Statements
This press launch accommodates “forward-looking statements” as outlined within the U.S. Non-public Securities Litigation Reform Act of 1995, together with statements relating to the anticipated advantages to the Firm and its shareholders of the amended First Lien Time period Mortgage.
The forward-looking statements on this press launch are topic to further dangers and uncertainties, together with these set forth below the heading “Danger Elements” and “Administration’s Dialogue and Evaluation of Monetary Situation and Outcomes of Operations” in our filings with the Securities and Change Fee (the “SEC”), together with, with out limitation, our Annual Report on Kind 10-Ok for the fiscal 12 months ended December 31, 2019 filed with the SEC on March 2, 2020 and subsequent periodic reviews, and are primarily based on data obtainable to us on the date hereof.
These cautionary statements qualify our forward-looking statements and you’re cautioned to not place undue reliance on these forward-looking statements. Any forward-looking assertion contained herein speaks solely as of the date on which it’s made, and we don’t intend, and assume no obligation, to replace or revise any forward-looking statements, whether or not because of new data, future occasions or in any other case.
This press launch must be learn at the side of our most up-to-date reviews on Kind 10-Ok and Kind 10-Q, and the knowledge included in our different press releases, reviews and different filings with the SEC. Understanding the knowledge contained in these filings is necessary with a purpose to totally perceive our reported monetary outcomes and our enterprise outlook for future durations.
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