Key transaction highlights lowers total principal amount of debt outstanding by approximately $40 million reduces annualized cash interest expense by approximately $10 million expands revolving credit facility capacity to $40 million extends key debt maturities las vegas, feb. 15, 2022 /prnewswire/ -- playags, incorporated (nyse: ags) ("ags" or the "company") today announced it has successfully completed the refinancing of its total debt outstanding through the issuance of (i) a senior secured first lien term loan in an aggregate principal amount of $575.0 million due 2029 (the "new term loan facility"), the proceeds of which, together with cash on hand, were used to repay all amounts outstanding under the company's existing term loan facilities and to pay related fees and expenses, and (ii) a $40.0 million senior secured first lien revolving facility due 2027 (the "new revolving credit facility"), which was undrawn at close. the new term loan facility will bear interest at the secured overnight financing rate ("sofr") plus 4.00%, subject to a 0.75% sofr floor, while the new revolving credit facility will bear interest at sofr plus 4.00%, subject to a 0.00% sofr floor.
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