Everi unveils private offering of $400m in senior unsecured notes

Company will use proceeds to refinance previously issued debt.

Everi Holdings, Inc., on Monday said it intends to offer $400m in aggregate principal amount of senior unsecured notes due 2029, subject to market and other conditions.

The Las Vegas-based provider of land-based and digital casino gaming content and products, financial technology, and player loyalty solutions, will make the notes available only through a private offering.

The notes will be guaranteed on a senior unsecured basis by the company and certain of the Everi’s direct and indirect domestic subsidiaries, officials noted.

The company said it intends to use the proceeds from the notes to redeem in full its 7.50% senior unsecured notes due 2025, and to pay related fees and expenses and, upon consummation of a credit facility refinancing, to repay a portion of the borrowings outstanding under its existing credit facilities.

Following the closing of the offering, the company intends to enter into certain new credit facilities, the proceeds of which, together with cash on hand, are intended to be used to repay in full the remaining outstanding borrowings under its existing credit facilities.

The consummation of the offering of notes is not conditioned upon the consummation of the credit facility refinancing, Everi added.

The company’s legal department said in a statement the notes will be offered and sold only to qualified institutional buyers in accordance with Rule 144A under the Securities Act of 1933, as amended, and to non-U.S. persons in accordance with Regulation S under the Securities Act. The Notes and the guarantees thereof will not be registered under the Securities Act or state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and applicable state securities laws.

Michael Bartlett

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