Bally Technologies Closes $300 Million Of Credit Facilities

Sep 30, 2008 (financialwire.net via COMTEX) -- BYI | Quote | Chart | News | PowerRating -- September 30, 2008 (FinancialWire) -- Bally Technologies, Inc. (NYSE: BYI | Quote | Chart | News | PowerRating) (Current Market Cap: US$1.46 Bil.) said that it has obtained $300 million of new senior secured credit facilities comprised of a $75 million, four-year revolving credit facility and a $225 million four-year term loan.

The company said it is using the net proceeds of the new senior secured credit facilities to refinance its existing term loan, which had $290 million outstanding as of June 30. It will also pay fees and expenses incurred in connection with the refinancing, and provide for ongoing working capital and for other general corporate purposes. At closing, Bally had around $25 million of undrawn availability under its new revolver.

The new senior secured credit facilities will be initially priced at LIBOR +325bps and include a leverage-based pricing grid which may allow the company to reduce its borrowing costs starting six months after close. Bally will also have an option to increase the size of the senior secured credit facilities by up to $50 million after closing if certain conditions are met.

Las Vegas-based Bally Technologies designs, manufactures, operates, and distributes gaming devices, systems, and technology solutions worldwide. Bally's product line includes slot machines, video slots, wide-area progressives, and Class II, lottery, and central determination games and platforms.

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