Nov 15, 2017 Newsdesk Latest News, Top of the deck, World  
Everi Holdings Inc, a specialist in cash handling technology and electronic game content for the casino industry, announced on Tuesday a plan to conduct a private offering – subject to market and other conditions – of US$375 million in senior unsecured notes due 2025.
The exercise will be conducted by the firm’s wholly-owned subsidiary, Everi Payments Inc, and guaranteed by the parent company and certain of Everi Holdings’ direct and indirect domestic subsidiaries. The notes will be offered and sold only to qualified institutional buyers, said Everi Holdings.
The parent company additionally stated Everi Payments intends to use the net proceeds from the offering – together with cash on hand – to redeem in full its existing US$350 million in 10-percent senior unsecured notes due 2022, “in accordance with their terms and pay related fees and expenses”.
Everi Holdings said on Monday that it had concluded the repricing of its 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 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.
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Teo Chun Ching
Chief executive of Singapore’s Gambling Regulatory Authority