Ainsworth Game Technology (AGT) has established a fresh five-year, $35 million credit facility with Wells Fargo, a prominent American financial entity. This supersedes their prior lending agreement with ANZ.
Ainsworth Game Technology Inc., the American branch of the Australian gaming machine maker, will act as the principal debtor for this loan. AGT Pty Ltd and Ainsworth Game Technology Limited, the controlling entities within the AGT group, will furnish guarantees for the accord.
This new funding mechanism will enable Ainsworth to fully settle the outstanding balance from their previous credit line with ANZ. Further particulars concerning the loan will be disclosed when Ainsworth publishes its unaudited financial statements on February 25th.
At the close of December 31, 2020, AGT declared a cash reserve of AUD$24 million and a net indebtedness of AUD$15 million. Despite a 33% decline in revenue year-over-year, the firm experienced a 71% surge in revenue during the six months concluding on December 31, 2020, attaining USD$72 million. AGT projects earnings before interest, taxes, depreciation, and amortization (EBITDA) to hit USD$60 million in the initial six months of 2021.
admin