Slot maker Ainsworth uses US$35mln loan to pay off ANZ

Feb 19, 2021 Newsdesk Latest News, Top of the deck, World  

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Australia-based slot machine maker Ainsworth Game Technology Ltd says it has a new five-year secured-credit facility worth US$35.0 million, with United States-based lender Western Alliance Bancorp.

“Proceeds of US$28 million from this new facility have been used to extinguish all company obligations under the prior revolving credit facility with Australia and New Zealand Banking Group Ltd (ANZ),” said Ainsworth Game in a Friday filing to the Australian Securities Exchange.

The party to the new credit agreement is Ainsworth Game Technology Inc, a U.S.-based operating subsidiary of the group. Its parent entities within the group, AGT Pty Ltd and Ainsworth Game Technology Ltd, are guarantors of the loan.

The group is due to release its latest unaudited financial results on February 25.

In a business update earlier this month, Ainsworth Game said that as of December 31, it held cash balances amounting to AUD24 million (US$18.6 million), with net debt of AUD15 million as of the same date.

The update had mentioned the group expected to report “improved revenue” for the six months to December 31. This reflected an increase of 71 percent on the AUD42-million revenue recorded in the first half of 2020, but a 33-percent reduction on the prior-year period, stated the company.

 

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