Australian slot machine developer Ainsworth Game Technology Limited (AGT) has entered into a new five year US$35 million secured credit facility with the US-based Western Alliance Bancorporation, with the majority of the proceeds already used to pay down other debt.
Ainsworth said Friday that it has used US$28 million of the new facility to “extinguish all Company obligations under the prior revolving credit facility with Australia and New Zealand Banking Group Limited (ANZ Bank).“
The company’s United States subsidiary, Ainsworth Game Technology Inc, is listed as borrower of the new facility with its parent firms AGT Pty Ltd and Ainsworth Game Technology Limited serving as guarantors.
More information will be provided when the company releases its results for the six months to 31 December 2020 this Thursday. Ainsworth revealed earlier this month that it expects to report a loss of around AU$14 million (US$10.8 million), having previously recorded a loss of AU$43 million (US$33.8 million) for the year ended 30 June 2020 due to the impact of COVID-19.