The Australian gaming machine manufacturer, Ainsworth Game Technology (AGT), has established a fresh $35 million line of credit with Western Alliance Bank (WAB). This five-year agreement supersedes a prior agreement with ANZ Bank and affords AGT enhanced financial adaptability.
Ainsworth intends to utilize $28 million from the new credit line to completely settle its outstanding obligations to ANZ. The corporation will furnish additional particulars regarding the new funding arrangement upon the release of its half-year financial outcomes on February 25th.
This development follows Ainsworth’s announcement of a robust revenue resurgence over the latter six months of 2020. The company disclosed $72 million in revenue, a 71% surge compared to the second half of 2020, albeit still reflecting a 33% year-over-year decline attributed to the lingering pandemic’s effects on its operations. Notwithstanding the obstacles, Ainsworth anticipates a return to profitability within the first half of 2021, forecasting earnings before interest, taxes, depreciation, and amortization (EBITDA) of $6 million.
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