PlayAGS Inc. has announced that it has successfully completed a repricing of its term loan credit facility. Among other things, the repricing removes the credit spread adjustment with respect to term loan borrowings and reduces the interest rate applied to such borrowings to the Secured Overnight Financing Rate (SOFR) plus 3.75%. Additionally, in conjunction with the repricing transaction, the Company elected to repay $15 million of its total debt outstanding.
In addressing the repricing and repayment activity, AGS Chief Financial Officer, Kimo Akiona, commented: “As an organization, we remain singularly focused on reducing net leverage through a combination of consistent Adjusted EBITDA growth and improving free cash flow conversion. To that end, today’s announced transactions should help to expedite the achievement of our near and intermediate-term deleveraging objectives.”
