Connect with us
SIS

Industry News

EVERI Announces Successful Completion of the Previously Announced Partial Redemption of its 7.50% Senior Unsecured Notes due 2025

Vlad Poptamas

Published

on

EVERI Announces Successful Completion of the Previously Announced Partial Redemption of its 7.50% Senior Unsecured Notes due 2025
Reading Time: 2 minutes

 

Series of financial transactions lowers annual interest expense by $9.6 million

Everi Holdings Inc., a premier provider of gaming products, financial technology and player loyalty solutions in the gaming industry, announced that it successfully completed the previously announced redemption of $84.5 million of the Company’s 7.50% Senior Unsecured Notes due 2025, along with payment of accrued and unpaid interest thereon plus any related premiums, fees and costs, using a portion of the net proceeds from the previously disclosed common stock offering completed on December 10, 2019.

As a result of this redemption, along with the pay down of $30.5 million of the Company’s Senior Secured Term Loan on December 10, 2019 and the successful repricing of the Senior Secured Term Loan under its Credit Agreement dated as of May 9, 2017 (as amended), which reduced the Applicable Rate for interest by 25 basis points, Everi has lowered its cash interest expense by $9.6 million, on an annualized basis at current rates. These financial transactions were enabled by the successful completion on December 10, 2019 of a registered follow-on common stock offering that generated net proceeds of approximately $123.0 million after underwriting discounts but before estimated offering expenses payable by the Company.

Forward-Looking Statements
The forward-looking statements in this press release are subject to a variety of risks and uncertainties, including those set forth under the heading “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our periodic reports filed with the Securities and Exchange Commission (the “SEC”), including, without limitation, our Annual Report on Form 10-K for the year ended December 31, 2018, and are based on information available to us on the date hereof.

These cautionary statements qualify our forward-looking statements and you are cautioned not to place undue reliance on these forward-looking statements. Any forward-looking statements, including the use of proceeds from the Offering, contained herein speaks only as of the date, today January 6, 2020, on which it is made, and we do not intend, and assume no obligation, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

About Everi
Everi is a leading supplier of imaginative entertainment and trusted technology solutions for the casino, interactive, and gaming industry. With a focus on both customers and players, the Company develops entertaining games and gaming machines, gaming systems and services, and is the preeminent and most comprehensive provider of core financial products and services, player loyalty tools and applications, and intelligence and regulatory compliance solutions. Everi’s mission is to provide casino operators with games that facilitate memorable player experiences, offer seamless and secure financial transactions for casinos and their patrons, and deliver software tools and applications to improve casino operations efficiencies and fulfill regulatory compliance requirements. Everi provides these products and services in its effort to help make customers successful. For more information, please visit www.everi.com, which is updated regularly with financial and other information about the Company.

Contacts

Investor Relations
Everi Holdings Inc.
William Pfund
VP, Investor Relations
702-676-9513 or [email protected]

JCIR
Richard Land, James Leahy
212-835-8500 or [email protected]

Advertisement
NSoft at ICE2020

Global Gaming Industry Newsletter – Weekly Digest (sent every Wednesday)

Please select all the ways you would like to hear from European Gaming Media and Events:

You can unsubscribe at any time by clicking the link in the footer of our emails. For information about our privacy practices, please visit our website.

We use Mailchimp as our marketing platform. By clicking below to subscribe, you acknowledge that your information will be transferred to Mailchimp for processing. Learn more about Mailchimp's privacy practices here. Read more about European Gaming Media and Event's Privacy Policy and Terms of Service.

Subscribe to our News via Email

Enter your email address to subscribe to our news and receive notifications of new posts by email.

Latest by author

Trending

Notice for AdBlock users

We are constantly showing banners about important news regarding events and product launches. Please turn AdBlock off in order to see these areas.