On August 15, Century Resorts Alberta Inc. and Century Casino Calgary Inc., wholly owned subsidiaries of Century Casinos Inc., entered into an amended and restated credit agreement with the Bank of Montreal. The credit agreement adds credit of .05 million to provide additional financing for developing a racing entertainment center, Century Downs Racetrack and Casino, in the Calgary, Alberta suburb of Balzac.
In addition, credit agreement includes: revolving credit of $900,000 which may be used for general corporate purposes, such as paying costs related to the credit agreement, ongoing working capital requirements and operating regulatory requirements; and a committed, non-revolving, reducing standby credit of $22.02 million which may be used for working capital or general corporate purposes, or for developing the project, up to a maximum of $11.88 million.
Century Casinos noted once the principal amount of an advance under the standby facility has been repaid, it cannot be borrowed again. As of August 18, the company has borrowed $11.42 million under the standby facility and has $10.6 million remaining available that could be borrowed.
The credit agreement also includes $2.74 million in treasury risk management.
