Everi Payments refinanced its existing credit agreement, closing a $35 million five-year senior secured revolving credit facility and an $820 million seven-year secured term loan. Jefferies served as administrative agent.

The proceeds from the term loan were used to refinance the company’s existing facility with an outstanding balance of $462 million with Bank of America as administrative agents.

The $35 million revolving credit facility replaces the company’s former $50 million revolving credit facility that was scheduled to mature in 2019.

Randy Taylor, executive vice president and chief financial officer for Everi, said, “Our now completed refinancing transaction extends the maturity on a large portion of our outstanding debt and lowers our overall interest expense. Based upon current interest rates, we expect the effect of this transaction will lower our annual cash interest expense by approximately $8 million compared to our former facility while also enhancing our financial flexibility. This important refinancing event combined with our expectations for full-year Adjusted EBITDA growth better position Everi to execute on our stated goal of deleveraging.”

Everi offers payment solutions for providers of casino games.