GGRAsia – Slots maker Ainsworth uses $ 35 million loan to pay off ANZ
Slot maker Ainsworth uses $ 35 million loan to pay off ANZ
Australian slots maker Ainsworth Game Technology Ltd has announced that it has a new five-year secured credit facility worth US $ 35.0 million with US lender Western Alliance Bancorp.
“The US $ 28 million proceeds from this new facility were used to settle all of the company’s obligations under the previous revolving credit facility with Australia and New Zealand Banking Group Ltd. (ANZ)” Ainsworth Game said in a filing Friday with the Australian Securities Exchange.
The party to the new credit agreement is Ainsworth Game Technology Inc, an operating subsidiary of the group based in the United States. Its parent companies 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 commercial update Earlier this month, Ainsworth Game said that as of December 31, it had cash balances of AU $ 24million (US $ 18.6million), with net debt of AU $ 15million. Australian dollars on the same date.
The update had mentioned that the group expected to report “improved income” for the six months through December 31. This reflected a 71% increase from A $ 42 million revenue in the first half of 2020, but a 33% reduction over the previous year period, the company said.