Everi Holdings Inc, a specialist in cash handling technology and electronic game content for the casino industry, said on Monday it would be offering a coupon of 7.50 percent regarding a previously announced private offering of US$375-million in senior unsecured notes due 2025.
Everi Holdings said in a press release it anticipated that the offering would close on December 5, “subject to the satisfaction of customary closing conditions”.
The exercise will be conducted by the firm’s wholly-owned subsidiary Everi Payments Inc. The group intends to use the proceeds from the offering, together with cash on hand, to redeem in full its existing US$350-million of 10.00-percent senior unsecured notes due 2022, the parent firm stated.
The new notes will be offered and sold only to “qualified institutional buyers”, Everi Holdings stated. The deal will be done via investment banks Jefferies LLC and Macquarie Capital (USA) Inc.
Everi Holdings said earlier this month that it had concluded the repricing of a US$820-million senior secured term loan, adding that it expected to generate cash interest savings of approximately US$8.2 million on an annualised basis.
In October Everi Holdings announced it had narrowed its net loss for the three months to September 30, when judged year-on-year. Such loss was US$4.3 million on revenue of US$247.3 million, compared to a US$8.3-million loss on revenue of US$222.2 million in the prior-year quarter.
Feb 16, 2018Due to the Chinese New Year holiday, the GGRAsia team will be off between February 16 and 19. We will be back on February 20. We wish all our readers a prosperous Year of the Dog!
Dec 29, 2017It could be 2024 before a casino resort is opened in Japan,...
Dec 27, 2017The year 2017 could prove to have been a turning point in...
Oct 25, 2017The deployment of radio frequency identification (RFID)...
”A challenge to Macau's economic model could potentially emerge over the longer term should China revise existing criminal laws that prohibit most forms of gambling in the mainland... Even in such a scenario, Fitch would expect this to occur gradually”
Fitch Ratings Inc