Ainsworth enters into five-year secured credit facility worth US$35m

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Ainsworth enters into five-year secured credit facility worth US$35m

Ainsworth Game Technology (AGT) has announced it has entered into a new five-year secured credit facility worth US$35m with US-based lender Western Alliance Bancorporation (WAB).

In the new WAB facility, the Australian slot machine maker’s US-based operating subsidiary, Ainsworth Game Technology Inc., is established as the borrower and party to the relevant credit agreements. 

Its parent entities within the AGT Group — AGT Pty Ltd and Ainsworth Game Technology Limited — will serve as guarantors.

“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 Limited (ANZ),” Ainsworth said in a Friday filing to the Australian Securities Exchange.

Ainsworth announced it will release further details on this new facility when it reports its unaudited financial results on 25 February.

Earlier this month, the Australian publicly listed company reported cash balances of AU$24m as of 31 December 2020, with net debt of $15m. And for the six months to 31 December, AGT revealed revenue of $72m, a 71% increase from H2 FY20, but a 33% year-on-year decline. It also expects to report an underlying positive EBITDA of $6m for H1 FY21.

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