Gaming company AGS completed a repricing of its term loan credit facility. Among other things, the repricing removes the credit spread adjustment with respect to term loan borrowings and reduces the interest rate applied to such borrowings to SOFR plus 3.75%. Additionally, in conjunction with the repricing transaction, the company elected to repay $15 million of its total debt outstanding. At today’s SOFR, the company estimates the repricing and voluntary repayment will produce annualized cash interest expense savings of more than $3 million.

According to an 8K filed with the SEC, Jefferies Finance is the administrative agent for the term loan credit facility.

“As an organization, we remain singularly focused on reducing net leverage through a combination of consistent adjusted EBITDA growth and improving free cash flow conversion,” Kimo Akiona, CFO of PlayAGS, said. “To that end, today’s announced transactions should help to expedite the achievement of our near and intermediate-term deleveraging objectives.”