Supplier News
Canada – Cadillac Jack refinances its credit facilities
By Phil - 2 January 2014
Amaya Gaming Group’s wholly-owned subsidiary, Cadillac Jack, has entered into an agreement for the refinancing of its credit facilities.
The debt for the transaction was provided by an entity sub-advised by an affiliate of GSO Capital Partners, Blackstone’s credit business. Under this agreement, Cadillac Jack will have access to term loans in an aggregate principal amount of up to $160m. The Credit Facilities have replaced the existing $110m non-convertible senior term loan secured by Cadillac Jack’s assets and that was made available to Amaya to finance the acquisition of Cadillac Jack by Amaya, as of November 5, 2012.
The Credit Facilities will be used to fully repay the outstanding balance on the 2012 Loan, as well as related fees and expenses and to fund the ongoing working capital and other general corporate purposes of Cadillac Jack.
The Credit Facilities have a term of five years from the closing date and are secured by the assets of Cadillac Jack and its subsidiaries. Amaya has provided an unsecured guarantee of the obligations of Cadillac Jack in favour of the lenders.
