Ainsworth Secures Credit Facility

Ainsworth Game Technology has secured a $35 million credit facility with U.S.-based Western Alliance Bancorp, the proceeds to be used to pay off debt with an Australian bank.

Ainsworth Secures Credit Facility

Australia-based slot manufacturer Ainsworth Game Technology Ltd. has secured a new five-year secured-credit facility worth US$35 million, with United States-based lender Western Alliance Bancorp, for the primary purpose of paying down other debt.

“Proceeds of US$28 million from this new facility have been used to extinguish all company obligations under the prior revolving credit facility with Australia and New Zealand Banking Group Ltd (ANZ),” said Ainsworth last week in a filing with the Australian Securities Exchange.

The group was due to release its latest unaudited financial results on February 25. As of December 31, the company reported that it held cash balances amounting to AUD24 million (US$18.6 million), with net debt of AUD15 million as of the same date.

The update had mentioned the group expected to report “improved revenue” for the six months to December 31.