NYX Gaming Group announced that it has completed its debt consolidation. In a statement, the company said it has consolidated under a single primary lender, facilitated debt reduction, lowered capital costs and increased its operational flexibility.
“Debt refinancing was an important step to improving our capital structure, significantly lowering overall cost of capital while extending the maturities of the instruments,” said Eric Matejevich, chief financial officer of NYX Gaming Group. “With this transaction, our estimated total annual cash interest expense is down $5 million, from $28 million historically to $23 million going forward. And with simplified prepayment terms, NYX is now in a better position to deleverage through organic growth in EBITDA and free cash flow.”
NYX, under its transaction with ARES Management Limited, amended its senior secured credit facilities agreement. This agreement consisted of a £135 million term loan capability to add its €74.9 million term loan for expansion of its revolving credit ability from £5 million to £15 million.
NYX’s debt financing is intended for repayment of its 6 percent unsecured debentures and all outstanding amounts.
