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US – Everi completes $1bn debt refinancing

By - 4 August 2021

Everi Holdings has successfully completed the refinancing of its outstanding debt, including closing a seven-year $600m senior secured term loan due 2028 issued at 99.75 per cent of par, a $125m senior secured revolving credit facility due 2026 which was undrawn at closing and the previously announced closing of $400m in aggregate principal amount of its 5.000 per cent senior unsecured notes due 2029 issued at par. The New Credit Facilities have an interest rate of LIBOR plus 2.50 per cent subject to a 0.50 per cent LIBOR floor.

“The refinancing of our outstanding debt strengthens our balance sheet and provides Everi with substantial added financial flexibility. Our improved operating performance and recent rating agency upgrades helped drive strong interest from the investment community for our refinancing transactions,” said Mark Labay, Chief Financial Officer of Everi. “The replacement of our existing term loan with a new, widely syndicated term loan and the strategic prepayment of our incremental term loan provided significant annual interest savings, while extending the maturity out until 2028. Combined with upsizing our revolver from $35m to $125m and the issuance of our New Notes, both at reduced rates and extended maturities, our annualised cash borrowing costs at current rates are now approximately $23m less than at June 30, 2021. In addition, our total outstanding debt is more favorably balanced between secured and unsecured debt. We will continue to prioritize Free Cash Flow generation and investing to sustain our growth, while maintaining a prudent long-term total net debt leverage target of approximately 2.5-to-3.0 times our Adjusted EBITDA.”

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