AGS ANNOUNCES PLAN TO REFINANCE ITS OUTSTANDING DEBT AND EXPAND ITS REVOLVING CREDIT FACILITY CAPACITY
AGS announced a strategic plan to refinance its outstanding debt and extend maturities for better financial positioning. The company aims to refinance $521.2 million and $93.6 million Term Loan Facilities due in 2024, and seek a new $575 million Term Loan Facility due in 2029. Additionally, AGS plans to upsize its undrawn $30 million Revolving Credit Facility to $40 million, maturing in 2027. This refinancing is expected to enhance liquidity and improve financial flexibility for AGS moving forward.
- Refinancing $521.2 million and $93.6 million Term Loan Facilities enhances financial flexibility.
- Seeking a new $575 million Term Loan Facility due 2029 to strengthen capital structure.
- Upsizing the undrawn Revolving Credit Facility from $30 million to $40 million extends liquidity.
- None.
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
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.
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SOURCE AGS
FAQ
What refinancing plans has AGS announced on January 27, 2022?
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