NYX Gaming Group Completes Debt Refinancing and Debenture Redemption

NYX Gaming Group (TSXV:NYX) has announced that it has closed its previously announced transaction with ARES Management to refinance its debt.
As quoted in the press release:

  Under the transaction, NYX has amended its existing senior secured credit facilities agreement consisting of a £135.0 million term loan facility to add €74.9 million in term loan facilities and to expand its revolving credit facility from £5.0 million to £15.0 million (“Amended Facilities”).
The Amended Facilities were contemporaneously used to redeem all of the Company’s outstanding 11.0% Senior Secured Series A Debentures, 11.0% Senior Secured Series B Debentures and 11.0% Senior Secured Series C Debentures.  In addition, the Company has repaid its CAD $10.0 million, 6% Unsecured Debentures.
“The completion of our debt refinancing improves our capital structure, better aligns our lending currencies to revenue, and provides greater flexibility and liquidity for NYX to execute as an integrated global group,” said Matt Davey, Chief Executive Officer of NYX Gaming Group.  “The expansion of our credit facilities agreement with ARES Management, a leading global alternative asset manager, demonstrates the confidence they have in our business.”
The Amended Facilities have two components – a €43.1 million unitranche term facility, which bears interest at an annual rate of EURIBOR plus 700 basis points (EURIBOR floor of 0.5%), and a €31.8 million super senior term facility, which bears interest at an annual rate of EURIBOR plus 375 basis points (EURIBOR floor of 0.0%).  The Amended Facilities have the same maturity date as the existing £135.0 million term loan facility – November 20, 2021.  They are prepayable at 101% of the principal balance outstanding within the first three years and at par thereafter.  The revolving credit facility matures on May 20, 2021.

Click here to read the full press release.