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Aristocrat prices US$500 million new debt under Term Loan B facility

Newsdesk by Newsdesk
Mon 18 May 2020 at 12:23
Aristocrat suspends internal travel in Asia but says material Coronavirus impact unlikely
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Australian slot machine giant Aristocrat Leisure Limited has priced a new US$500 million Term Loan B facility, maturing in October 2024, as it looks to shore up additional liquidity to navigate the global COVID-19 pandemic.

In an ASX filing on Monday, Aristocrat said it expects the loan to be settled on or around this Thursday 21 May 2020 with the proceeds to be used for general corporate purposes.

It added that the loan was strongly supported by investors and was priced with a margin of 375 basis points, pushing Aristocrat’s total Term Loan B facility debt to US$2.35 billion, priced at a weighted average LIBOR +218 bps.

“We are very pleased with the outcome of this debt raising which was significantly oversubscribed,” said Aristocrat CFO, Julie Cameron-Doe.

“The TLB market continues to provide Aristocrat with flexibility and competitively priced debt on a covenant light basis and we are grateful for the ongoing support of this important debt market.

“The transaction is part of our ongoing strategy to further enhance our liquidity, continue to invest for growth and position the Group to emerge strongly from the current COVID-19 related challenges.

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The IAG Newsdesk team comprises some of the most experienced journalists in the Asian gaming industry. Offering a broad range of expertise, their decades of combined know-how spans multiple countries across a variety of topics.

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