LAS VEGAS, Feb. 8, 2018 /PRNewswire/ -- PlayAGS, Inc.
("AGS" or the "Company") (NYSE: AGS) today announced that it has
completed the repricing of its existing $513
million term loans under its First Lien Credit Agreement
(the "Term Loans"). The Term Loans were repriced from 550 basis
points to 425 basis points over LIBOR. The LIBOR floor remains at
100 basis points. As a result of the repricing, the Company expects
to realize annual cash interest savings of approximately
$6.4 million. The repriced Term
Loans continue to be due in full in February
2024.
"After executing our initial public offering less than two weeks
ago, we immediately started work on repricing our Term Loans to
reduce our annual interest expense and provide us with more cash to
grow and operate the business," said David
Lopez, Chief Executive Officer of AGS. "With a stronger
credit profile, we are pleased to now be in a position to generate
additional cash flows, which provide a future opportunity for
incremental deleveraging."
About AGS
AGS, LLC. is a global company focused on creating a diverse
mix of entertaining gaming experiences for every kind of player.
Our roots are firmly planted in the Class II Native American gaming
market, but our customer-centric culture and growth have helped us
branch out to become a leading all-inclusive commercial gaming
supplier. Powered by high-performing Class II and Class III slot
products, an expansive table products portfolio, highly-rated
social casino solutions for players and operators,
and best-in-class service, we offer an unmatched value proposition
for our casino partners. Learn more about us at
www.playags.com.
Forward-Looking and Cautionary Language
This press release contains, and oral statements made from
time to time by our representatives may contain, forward-looking
statements based on management's current expectations and
projections, which are intended to qualify for the safe harbor of
Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended.
Forward-looking statements include statements regarding the public
offering and other statements identified by words such as
"believe," "will," "may," "might," "likely," "expect,"
"anticipates," "intends," "plans," "seeks," "estimates,"
"believes," "continues," "projects" and similar references to
future periods, or by the inclusion of forecasts or
projections. All forward-looking statements are based
on current expectations and projections of future events.
These forward-looking statements reflect the current views,
models, and assumptions of AGS, and are subject to various risks
and uncertainties that cannot be predicted or qualified and could
cause actual results in AGS's performance to differ materially from
those expressed or implied by such forward looking
statements. These risks and uncertainties include, but are
not limited to, the ability of AGS to maintain strategic alliances,
unit placements or installations, grow revenue, garner new market
share, secure new licenses in new jurisdictions, successfully
develop or place proprietary product, comply with regulations, have
its games approved by relevant jurisdictions and other factors set
forth under "Risk Factors" in the registration statement on Form
S-1, as such factors may be updated from time to time in our
periodic filings with the Securities and Exchange Commission, which
are accessible on the Securities and Exchange Commission's website
at www.sec.gov. All forward-looking statements
made herein are expressly qualified in their entirety by these
cautionary statements and there can be no assurance that the actual
results, events or developments referenced herein will occur or be
realized. Readers are cautioned that all forward-looking
statements speak only to the facts and circumstances present as of
the date of this press release. AGS expressly disclaims any
obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or
otherwise.
Contact
Julia
Boguslawski, Chief Marketing Officer & EVP of
Investor Relations, AGS
702-724-1125
jboguslawski@PlayAGS.com
All® notices signify marks registered in the United States.
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