Poydras Gaming Finance Corp. Announces Appointment of James Kim as Corporate Secretary; Announces $30.5 Million Debt Refinancing
The company also announced that it has secured a financing arrangement with MGG Investment Group LP and its related parties, consisting of a five-year term loan facility in the aggregate principal amount of $30.525 million, at an initial rate of LIBOR plus 1,150 bps which steps down as the company deleverages. This financing will be used for: the early redemption without penalty of all the company's $7.732 million listed convertible debentures; payment in full of the company's $8.5 to $9.0 million of vendor loans; payment in full of the company's approximately $4.0 million remaining arrangements with PDS Gaming; funding in full of the company's up to $3.0 million in remaining commitments related to its recently announced 230 machine placement in a new Native-American owned casino in Oklahoma, which is expected to add $2.0 million in annual run-rate revenue once fully deployed by the end of September; acquisition of additional machine placements and associated gaming machines; and general working capital and the payment of fees and expenses related to the financing.