MONTREAL, Dec. 20, 2013 /CNW Telbec/ - Amaya Gaming Group Inc. ("Amaya" or the "Corporation") (TSX: AYA) is pleased to announce that its wholly-owned subsidiary, Cadillac Jack Inc. ("Cadillac Jack"), has entered into an agreement for the refinancing of its credit facilities. The debt for the transaction was provided by an entity sub-advised by an affiliate of GSO Capital Partners LP ("GSO"), Blackstone's credit business1. Under this agreement, Cadillac Jack will have access to term loans in an aggregate principal amount of up to $160 million (the "Credit Facilities"). The Credit Facilities have replaced the existing $110 million non-convertible senior term loan secured by Cadillac Jack's assets and that was made available to Amaya to finance the acquisition of Cadillac Jack by Amaya, as of November 5, 2012 (the "2012 Loan").
The Credit Facilities will be used to fully repay the outstanding balance on the 2012 Loan, as well as related fees and expenses and to fund the ongoing working capital and other general corporate purposes of Cadillac Jack.
The Credit Facilities have a term of 5 years from the closing date and are secured by the assets of Cadillac Jack and its subsidiaries. Amaya has provided an unsecured guarantee of the obligations of Cadillac Jack in favour of the lenders.
Amaya provides a full suite of gaming products and services including casino, poker, sportsbook, platform, lotteries and slot machines. Some of the world's largest gaming operators and casinos are powered by Amaya's online, mobile, and land-based products. Amaya is present in all major gaming markets in the world with offices in North America, Latin America and Europe. Amaya recently acquired Cryptologic, a pioneer within online casino, Ongame, a leader within online poker, and Cadillac Jack, a successful slot machine manufacturer. For more information please visit www.amayagaming.com.
DISCLAIMER IN REGARDS TO FORWARD-LOOKING STATEMENTS
Certain statements included herein, including those that express management's expectations or estimates of our future performance constitute "forward-looking statements" within the meaning of applicable securities laws. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management at this time, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Investors are cautioned not to put undue reliance on forward looking statements. Except as required by law, the Corporation does not intend, and undertakes no obligation, to update any forward-looking statements to reflect, in particular, new information or future events.
1 The entities sub-advised by GSO Capital Partners are FS Investment Corp I and FS Investment Corp II; they are advised by FB Income Advisors, LLC.
SOURCE Amaya Gaming Group Inc.