Gaming supplier Everi Holdings has boosted its balance sheet with a $125 million financing agreement and changes to existing credit facilities to provide liquidity during the industrywide shutdown due to the Covid-19 pandemic.
The loan is in addition to $35 million drawn down from its revolving credit facility, which gave the supplier $161 million in total liquidity, according to a report by CDC Gaming Reports.
“With our revenue and the associated workload essentially having been reduced to near zero, and (with) limited clarity as to the various timelines when our customers may restart their operations, we have taken prudent actions to position our company to withstand this period of minimal or reduced gaming industry activity,” Everi CEO Michael Rumbolz said in a statement to the news site. “As activity resumes, we are positioned to support our customers as they reopen for business, bring our employees back to work, and regain the operating and financial momentum we consistently demonstrated prior to the Covid-19 outbreak.”
The new loan matures in 2024.