An Australian gaming device provider, Ainsworth Game Technology (AGT), has obtained a fresh credit facility, superseding its prior agreement with ANZ. This new five-year arrangement with Wells Fargo holds a value of US$35 million.
From this sum, US$28 million has already been utilized to settle the remaining debt AGT held with ANZ.
Although the new contract is with Wells Fargo, AGT’s subsidiary in the United States will serve as the borrowing body. The Australian parent companies of AGT will function as guarantors.
Additional specifics regarding the new financing structure are anticipated when Ainsworth publishes its unaudited financial outcomes on February 25th.
This development follows AGT’s earlier disclosure this month, revealing AU$24 million in cash reserves and AU$15 million in net liabilities as of December 31st, 2020.
During the six-month period concluding on December 31st, 2020, AGT generated US$72 million in revenue. This figure signifies a 71% surge year-over-year, yet still reflects a 33% decline compared to the corresponding period in the preceding year. The company anticipates earnings before interest, taxes, depreciation, and amortization (EBITDA) of US$6 million for the initial half of the 2021 fiscal year.
