Everi flags US$4mln annual saving on term loan repricing
Everi Holdings Inc, a U.S.-based specialist in cash handling technology and electronic game content for the casino industry, said it has completed the repricing of its US$820 million senior secured term loan.
“Based on the interest rates currently in effect and a term loan balance outstanding of US$813.9 million, the repricing is expected to generate cash interest savings of approximately US$4.1 million on an annualised basis,” said the firm in a recent press release.
According to the release, the maturity date for the term loan remains May 9, 2024, and no changes were made to the financial covenants or other debt repayment terms.
“This repricing of our term loan reflects the tremendous progress we continue to achieve with strengthening our operating results,” said Randy Taylor, Everi’s executive vice president and chief financial officer, in a statement contained in the press release.
“This repricing provides another important improvement to our capital structure following similar activities last year, since through these actions we have lowered the weighted average interest rate on our outstanding debt obligations by approximately 200 basis points,” he added.
Everi reported net income of US$4.6 million for the first quarter of 2018. Revenues for the period increased 9.9 percent from the first quarter of 2017, with revenue in the games segment up 8.9 percent year-on-year, to US$60.2 million.
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