Gaming supplier Everi Holdings Inc. announced that it has commenced an underwritten public offering of 10 million shares of its common stock. The company has also granted the underwriters a 30-day option to purchase up to an additional 1.5 million shares of the Company’s common stock at the public offering price.
All of the shares being offered are to be sold by the company. The offering is subject to market conditions, and there can be no assurance as to whether or when the offering may be completed.
The company intends to use the net proceeds from the offering to refinance a portion of its existing indebtedness in one or more transactions, which may include the repayment of certain outstanding borrowings under the company’s existing term loan facility and/or the redemption and/or repurchase of a portion of its outstanding 7.50 percent senior unsecured notes due 2025. Pending the deployment of the net proceeds for such refinancing transactions, the company may invest the net proceeds in short-term, interest-bearing, investment-grade securities.
Jefferies and Stifel are acting as joint book-running managers, Craig-Hallum Capital Group and Raymond James are acting as joint lead managers, and SunTrust Robinson Humphrey is acting as co-manager for the offering.
The offering is being made pursuant to an effective shelf-registration statement and prospectus and a related preliminary prospectus supplement filed by the company with the federal Securities and Exchange Commission.
