Ainsworth Game Technology Announces Completion of Debt Restructuring Plan with U.S.-based Bank
The $35 million credit facility, structured by Western Alliance Bank, will assist in Ainsworth’s long-range growth plans
LAS VEGAS - March 31, 2021 - Ainsworth Game Technology (ASX:AGI) (“Ainsworth”) has recently announced the completion of a loan restructuring to refinance existing debt, and better position the company for its continued recovery and growth strategy.
The $35 million credit structure was facilitated by Western Alliance Bank, marking the first time Ainsworth has chosen a U.S.-based banking institution to manage its credit needs.
This decision demonstrates Ainsworth’s commitment to the important American market and its valued customer partners in the region. Ainsworth has been focused on growth in the U.S. and Latin America over the past decade, highlighted by the establishment in 2016 of a North American Headquarters in Las Vegas.
Over the past several years, more than 70 percent of the Company’s revenue has been generated in the Americas and Ainsworth has successfully entered a number of new North American markets including Class II Tribal Gaming and Historical Horse Racing.
“The refinancing provides certainty and flexibility to achieve our expected growth plans and rollout of the Group’s innovative and new gaming products,” said Ainsworth Chief Operating Officer, Ryan Comstock. “The new credit arrangements are expected to assist to create stronger banking relationships, in Las Vegas, to support the key North and Latin American markets.”
"Western Alliance Bank is a banking leader within the Historical Horse Racing (HHR) terminal space, and the opportunity to work with Ainsworth, one of the leading HHR manufacturers, makes our partnership truly unique,” said Ashan Perera, managing director, Western Alliance Bank’s Gaming group. "We are honored that Ainsworth has chosen Western Alliance Bank to be its bank of choice in North America servicing all its banking needs."