Inspired Entertainment completed a £7.5 million ($9.5 million) revolving credit facility with Lloyds Bank as administrative agent. Cortland Capital Markets is serving as security agent.
According to a related 8-K filing, the facility can be used for general corporate, working capital and capital expenditure purposes of the company and its subsidiaries.
The facility requires cash interest payments on outstanding borrowings equal to a margin of 4.00% per annum, plus LIBOR, on the last day of each applicable interest period. In addition, a commitment fee is payable every three months with respect to unutilized lending commitments thereunder at a rate of 35% of the margin applicable to such unutilized commitments per annum. The facility is scheduled to mature on August 13, 2021.
“Our third quarter performance is a testament to the strength of our underlying core business and our ongoing strategy to diversify our revenue base not only across product and service areas but across geographies as well,” said Inspired Executive Chairman Lorne Weil. “With our third quarter adjusted EBITDA growing 61% year over year to $15.5 million and our adjusted EBITDA margins growing to 42% from 30%, our business is building as envisioned. Our products continue to deliver and gain traction while our margins are benefiting from scale.”
Inspired is a global games technology company, supplying Virtual Sports, Mobile Gaming and Server Based Gaming systems with associated terminals and digital content to regulated lottery, betting and gaming operators around the world.
