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NYX Gaming Group completes debt refinancing

| By iGB Editorial Team
NYX Gaming Group has closed a previously announced transaction with ARES Management Limited to refinance its existing debt.

NYX Gaming Group has closed a previously announced transaction with ARES Management Limited to refinance its existing debt.

The company has been able to amend its existing senior secured credit facilities agreement, consisting of a £135m (€150.9m/$176m) term loan facility, to add €74.9m in term loan facilities and also expand its revolving credit facility from £5m to £15m.

The amended facilities have a maturity date of November 20, 2021, the same as the existing £135m term loan facility, and are pre-payable at 101% of principal balance outstanding within the first three years, and at par thereafter.

Matt Davey, chief executive of NYX, said: “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.

“The expansion of our credit facilities agreement with ARES Management, a leading global alternative asset manager, demonstrates the confidence they have in our business.”

Eric Matejevich, chief financial officer, said: “Debt refinancing was an important step to improving our capital structure, significantly lowering overall cost of capital while extending the maturities of the instruments.

“With this transaction, our estimated total annual cash interest expense is down $5m, from $28m historically to $23m going forward.

“And with simplified prepayment terms, NYX is now in a better position to deleverage through organic growth in EBITDA and free cash flow.”

Related article: NYX reveals sales growth of nearly 200% for Q1

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