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Everi reveals refinancing plan to reduce debt as 2Q21 results show improvement

Newsdesk by Newsdesk
Tue 22 Jun 2021 at 06:18
Global games and FinTech supplier Everi acquires casino kiosk firm Atrient for US$40 million
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US-based digital casino products and player loyalty solutions provider Everi Holdings Inc has outlined a refinancing plan it says will take advantage of favorable market conditions to lower its cost of debt and extend maturities.

Under the plan, Everi will refinance its US$35 million Revolving Credit Facility due 2022 and its US$820 million Term Loan Facility due 2024, prepay in full its US$125 million Incremental Term Loan Facility due 2024 and redeem the US$285.4 million of Unsecured Notes due 2025.

The result would be a reduction in outstanding debt from US$1.15 billion to US$1 billion with a new US$125 million Revolving Credit Facility that would be undrawn at closing.

In announcing its refinancing plan, Everi also provided guidance on its upcoming 2Q21 results release. The company said it expects to record consolidated revenues of between US$167 million and $172 million, up from US$139.1 million in Q1, with a profit of between US$31 million and US$34 million compared to US$20.5 million for the three months to 31 March 2021.

Adjusted EBITDA is anticipated to be US$87 million to US$91 million, up from US$75.4 million in Q1.

“Our expected record 2021 second quarter results highlight the ongoing strength of our core recurring revenue businesses and the benefit of our organic growth initiatives,” said Everi CEO Michael Rumbolz.

“Both our Games and FinTech segments are performing significantly above pre-pandemic periods, driving substantial improvements in our total revenue, net income, Adjusted EBITDA, and Free Cash Flow.

“Since March, the total value processed of our financial access transactions on a same-store basis has been consistently trending at a mid-teens percentage growth rate above the comparable 2019 volumes. This is significantly higher than our mid-single digit percentage historical average growth rate.

“Additionally, our gaming operations installed base has continued to grow, fueled primarily by a greater number of premium units, which is also driving new record levels of Daily Win per Unit. We also expect our gaming machine unit sales in the second quarter will well exceed the level shipped in the first quarter of 2021.”

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Tags: EVERILoyalty solutionsMichael rumbolzNorth Americarefinancing
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The IAG Newsdesk team comprises some of the most experienced journalists in the Asian gaming industry. Offering a broad range of expertise, their decades of combined know-how spans multiple countries across a variety of topics.

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