Everi Holdings seeks to refinance Senior Secured Notes and First Lien Term Loan

Casino Review - Everi Holdings Senior Secured Notes 2017 results
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Everi Holdings proposes the refinancing of Senior Secured Notes and First Lien Term Loan alongside providing selected preliminary 2017 Q1 results.


Everi Holdings Inc. today announced it is seeking to refinance its outstanding $335 million aggregate principal amount of Senior Secured Notes due 2021 and its existing First Lien Term Loan that matures in 2020. As of the date of this release, the outstanding balance on the First Lien Term Loan was approximately $462.3 million. The Company expects the proposed refinancing transaction to lower its annual cash interest expense, enhance its financial flexibility and extend its maturity schedule. In connection with the proposed refinancing, Everi today announced selected preliminary financial results for the first quarter ended March 31, 2017.

The Company currently expects consolidated revenues to be in a range of approximately $233 million to $238 million and its quarterly net loss to be in a range of approximately $6 million to $4 million for the three months ended March 31, 2017. The Company also expects consolidated Adjusted EBITDA for the first quarter of 2017 to be in a range of approximately $52 million to $54 million. For the first quarter of 2016, consolidated revenues were $205.8 million, net loss was $13.2 million and consolidated Adjusted EBITDA was $45.7 million. Everi currently expects to report its full 2017 first quarter results after the market close on May 9th.

Michael Rumbolz, President and Chief Executive Officer of Everi, commented, “Our preliminary 2017 first quarter results include year-over-year revenue and Adjusted EBITDA growth for both our Games and Payments segments, which reflect the Company’s continued successful execution against its strategic priorities. With the strongest and most diverse Games and Payments products and technology solutions in our history and our company-wide focus on disciplined expense management, we are well positioned to deliver consistent operating performance momentum over the balance of 2017 and beyond.”

The consummation and actual terms of the proposed refinancing are subject to a number of factors, including market conditions, negotiation and execution of definitive agreements and satisfaction of customary closing conditions. There can be no assurance that the refinancing will occur, or, if it does, as to the terms of the refinancing.

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