AGS Prices Initial Public Offering
LAS VEGAS, January 25, 2018 – PlayAGS, Inc. (“AGS” or the “Company”), a leading designer and supplier of electronic gaming machines and other products and services for the gaming industry, today announced the pricing of its initial public offering of 10,250,000 shares of its common stock at an initial public offering price of $16.00 per share, before underwriting discounts and commissions. The Company has also granted the underwriters a 30-day option to purchase up to an additional 1,537,500 shares of its common stock at the initial public offering price, less underwriting discounts and commissions. AGS’s existing shareholders will not sell any shares in the offering.
The shares are expected to begin trading on The New York Stock Exchange (NYSE) under the symbol "AGS" on January 26, 2018. The offering is expected to close on January 30, 2018 subject to customary closing conditions.
AGS expects to receive gross proceeds of approximately $164.0 million from the offering, or approximately $188.6 million if the underwriters exercise their over-allotment option in full. AGS intends to use the gross proceeds from the offering to redeem in full its PIK notes, and pay fees and expenses in connection with the offering.
Credit Suisse, Deutsche Bank Securities, Jefferies and Macquarie Capital are acting as joint book-running managers and as representatives of the underwriters for the offering. BofA Merrill Lynch, Citigroup, Nomura, Stifel and SunTrust Robinson Humphrey are acting as joint book-running managers for the offering. Roth Capital Partners, Union Gaming, The Williams Capital Group, L.P. and Apollo Global Securities are acting as co-managers for the offering.
The offering is being made only by means of a prospectus. A copy of the prospectus relating to this offering, when available, may be obtained from any of the following sources:
- Credit Suisse Securities (USA) LLC, Attention: Prospectus Department, One Madison Avenue, New York, NY 10010, or by telephone at (800) 221-1037 or by email at firstname.lastname@example.org;
- Deutsche Bank Securities Inc., Attention: Prospectus Group, 60 Wall Street, New York, NY 10005, or by telephone at(800) 503-4611, or by email at prospectus.CPDG@db.com;
- Jefferies LLC, Attention: Prospectus Department, 520 Madison Avenue, 2nd Floor, New York, NY 10022, or by telephone at (877) 821-7388 or by email at Prospectus_Department@Jefferies.com; or
- Macquarie Capital (USA) Inc., Attention: Syndicate Department, 125 West 55th Street, L-22, New York, NY 10019, or by telephone at (212) 231-0440 or by email at MacquarieEquitySyndicateUSA@macquarie.com