LAS VEGAS, Sept. 29 /PRNewswire-FirstCall/ -- Bally Technologies, Inc.
(NYSE: BYI), a leader in slots, video machines, casino management systems, and
networked solutions for the global gaming industry, announced today that it
has obtained $300 million of new senior secured credit facilities comprised of
a $75 million, four-year revolving credit facility and a $225 million
four-year term loan.
Bally is using the net proceeds of the new senior secured credit
facilities to refinance its existing term loan ($290 million outstanding as of
June 30, 2008), to pay fees and expenses incurred in connection with the
refinancing, and to provide for ongoing working capital and for other general
corporate purposes. At closing, Bally had approximately $25 million of
undrawn availability under its new revolver.
The new senior secured credit facilities will be initially priced at LIBOR
+325bps and include a leverage-based pricing grid which may allow the Company
to reduce its borrowing costs starting six months after close. Bally will
also have an option to increase the size of the senior secured credit
facilities by up to $50 million after closing if certain conditions are met.
Bank of America Securities LLC, Wells Fargo Bank, NA, The Bank of Nova Scotia,
and Wachovia Bank NA acted as joint lead arrangers and joint book managers.
The remaining syndicate is comprised of other commercial banks.
Bally Technologies' Chief Financial Officer Robert C. Caller said, "It is
a testament to Bally's strong balance sheet and business fundamentals that we
were able to successfully raise new bank capital in this extremely challenging
capital market. Our new senior secured credit facilities will give Bally
incremental liquidity and flexibility to operate and continue to grow our
business. I would like to thank Bank of America and our lead arrangers for
their able assistance in this process."
About Bally Technologies, Inc.
With a history dating back to 1932, Las Vegas-based Bally Technologies
designs, manufactures, operates, and distributes advanced gaming devices,
systems, and technology solutions worldwide. Bally's product line includes
reel-spinning slot machines, video slots, wide-area progressives, and Class
II, lottery, and central determination games and platforms. As the world's No.
1 gaming systems company, Bally also offers an array of casino management,
slot accounting, bonusing, cashless, and table-management solutions. The
Company also owns and operates Rainbow Casino in Vicksburg, Miss. Additional
Company information, including the Company's investor presentations, can be
found at http://www.BallyTech.com.
This news release may contain "forward-looking" statements within the
meaning of the Securities Act of 1933, as amended, and is subject to the safe
harbor created thereby. Such information involves important risks and
uncertainties that could significantly affect the results in the future and,
accordingly, such results may differ from those expressed in any
forward-looking statements. Future operating results may be adversely
affected as a result of a number of risks that are detailed from time to time
in the Company's filings with the Securities and Exchange Commission. The
Company undertakes no obligation to update the information in this press
release and represents that the information is only valid as of today's date.
- BALLY TECHNOLOGIES, INC. -
Investor Contact: Robert Caller
(702) 584-7982
rcaller@ballytech.com
Media Contact: Laura Olson-Reyes
(702) 584-7742
lolson-reyes@ballytech.com
SOURCE Bally Technologies, Inc.
