LAS VEGAS, Jan. 27, 2022 /PRNewswire/ -- PlayAGS,
Incorporated (NYSE: AGS) ("AGS" or the "Company") today
announced plans to refinance its outstanding credit facilities and
extend debt maturities. AGS intends to fully refinance its
$521.2 million Term Loan Facility due
2024 and its $93.6 million Term Loan
Facility due 2024. As part of the refinancing transaction, AGS
intends to seek a new $575.0 million
Term Loan Facility due 2029 and use a portion of the cash on its
balance sheet. Additionally, the Company intends to refinance and
upsize its undrawn $30 million
Revolving Credit Facility due 2023 to a $40.0 million Revolving Credit Facility due 2027,
which is expected to be undrawn at closing.
Company Overview
AGS 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 tribal gaming market, but our
customer-centric culture and remarkable growth have helped us
branch out to become one of the most all-inclusive commercial
gaming equipment suppliers in the world. Powered by high-performing
Class II and Class III slot products, an expansive table products
portfolio, highly rated social casino, real-money gaming solutions
for players and operators, and best-in-class service, we offer an
unmatched value proposition for our casino partners. Learn more
at playags.com.
AGS Investor &
Media Contacts:
Brad Boyer, Senior Vice President Corporate Operations
and Investor Relations
bboyer@playags.com
Julia Boguslawski, Chief Marketing Officer
jboguslawski@playags.com
©2022 PlayAGS, Inc. Products referenced herein are sold by
AGS LLC or other subsidiaries of PlayAGS, Inc. Solely for
convenience, marks, trademarks and trade names referred to in this
press release appear without
the ® and TM and SM
symbols, but such references are not intended to indicate, in any
way, that PlayAGS, Inc. will not assert, to the fullest extent
under applicable law, its rights or the rights of the applicable
licensor to these marks, trademarks and trade names.
Forward-Looking Statements
This 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 proposed public
offering and other statements identified by words such as
"believe," "will," "may," "might," "likely," "expect,"
"anticipates," "intends," "plans," "seeks," "estimates,"
"believes," "continues," "projects," "targets" 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, the effects of COVID-19 on the
Company's business and results of operations and other factors set
forth under Item 1. "Business," Item 1A. "Risk Factors" in AGS's
Annual Report on Form 10-K, filed with the Securities and Exchange
Commission. 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.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/ags-announces-plan-to-refinance-its-outstanding-debt-and-expand-its-revolving-credit-facility-capacity-301469417.html
SOURCE AGS