Accel Entertainment see credit capacity expanded
The expansion comes after terms with banks were renegotiated.
Accel Entertainment has amended its senior secured credit facility to expand its borrowing capacity from $438m to $900m after a new five-year contract was decided upon. Per the terms of the new agreement, there will be a $150m revolving credit facility, $350 million in term loan A available, and a $400 million delayed draw term loan. Interest rates and covenants were not affected by the amended agreement.
As one of the leading gaming operators in the United States, the group is particularly active in the Illinois market. The primary function of its business is the installation and upkeep of video gaming terminals, machines that distribute winnings but which also have ATM capabilities. They also supply gaming terminals in certain non-casino settings such as gas stations, bars, restaurants, liquor stores, taverns, truck stops, and convenience stores.
The decision is a vote of confidence in Accel Entertainment, which will now see its lending capacity greatly expanded alongside its flexibility in supplying credit.
Said group CEO, Andy Rubenstein (pictured): “We are pleased to announce the successful completion of this amended credit facility and thank our existing and new high-caliber banking partners for their ongoing support and confidence in our future performance. The amended credit facility provides us with greater financial flexibility and liquidity as we execute against our strategic priorities and continue to explore growth opportunities that align with our asset-light and hyper-local business model.
The credit facility is comprised of a number of banks including Capital One, CIBC Bank USA, Fifth Third Bank, and J.P. Morgan Chase.
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