LAS VEGAS, Sept. 29 /PRNewswire-FirstCall/ -- Bally Technologies, Inc.
(NYSE: BYI), a leader in slots, video machines, casino management systems,
and networked solutions for the global gaming industry, announced today
that it has obtained $300 million of new senior secured credit facilities
comprised of a $75 million, four-year revolving credit facility and a $225
million four-year term loan.
Bally is using the net proceeds of the new senior secured credit
facilities to refinance its existing term loan ($290 million outstanding as
of June 30, 2008), to pay fees and expenses incurred in connection with the
refinancing, and to provide for ongoing working capital and for other
general corporate purposes. At closing, Bally had approximately $25 million
of undrawn availability under its new revolver.
The new senior secured credit facilities will be initially priced at
LIBOR +325bps and include a leverage-based pricing grid which may allow the
Company to reduce its borrowing costs starting six months after close.
Bally will also have an option to increase the size of the senior secured
credit facilities by up to $50 million after closing if certain conditions
are met. Bank of America Securities LLC, Wells Fargo Bank, NA, The Bank of
Nova Scotia, and Wachovia Bank NA acted as joint lead arrangers and joint
book managers. The remaining syndicate is comprised of other commercial
banks.
Bally Technologies' Chief Financial Officer Robert C. Caller said, "It
is a testament to Bally's strong balance sheet and business fundamentals
that we were able to successfully raise new bank capital in this extremely
challenging capital market. Our new senior secured credit facilities will
give Bally incremental liquidity and flexibility to operate and continue to
grow our business. I would like to thank Bank of America and our lead
arrangers for their able assistance in this process."
About Bally Technologies, Inc.
With a history dating back to 1932, Las Vegas-based Bally Technologies
designs, manufactures, operates, and distributes advanced gaming devices,
systems, and technology solutions worldwide. Bally's product line includes
reel-spinning slot machines, video slots, wide-area progressives, and Class
II, lottery, and central determination games and platforms. As the world's
No. 1 gaming systems company, Bally also offers an array of casino
management, slot accounting, bonusing, cashless, and table-management
solutions. The Company also owns and operates Rainbow Casino in Vicksburg,
Miss. Additional Company information, including the Company's investor
presentations, can be found at http://www.BallyTech.com.
This news release may contain "forward-looking" statements within the
meaning of the Securities Act of 1933, as amended, and is subject to the
safe harbor created thereby. Such information involves important risks and
uncertainties that could significantly affect the results in the future
and, accordingly, such results may differ from those expressed in any
forward-looking statements. Future operating results may be adversely
affected as a result of a number of risks that are detailed from time to
time in the Company's filings with the Securities and Exchange Commission.
The Company undertakes no obligation to update the information in this
press release and represents that the information is only valid as of
today's date.
- BALLY TECHNOLOGIES, INC. -
Investor Contact: Robert Caller Media Contact: Laura Olson-Reyes
(702) 584-7982 (702) 584-7742
rcaller@ballytech.com lolson-reyes@ballytech.com
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SOURCE Bally Technologies, Inc.
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Related links:
http://www.ballytech.com
CONTACT:
Investors, Robert Caller, +1-702-584-7982,
rcaller@ballytech.com, or Media, Laura Olson-Reyes,
+1-702-584-7742, lolson-reyes@ballytech.com, both of Bally
Technologies, Inc.
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