Moody's assigns AP Gaming loans B3

Moody's Investors Service said it assigned a B3 rating to AP Gaming I, LLC's proposed $155 million senior secured term loan due 2020 and proposed $25 million senior secured revolver due 2018.

A B3 corporate family rating, B3-PD probability default rating and stable outlook were also assigned.

Proceeds from the proposed $180 million credit facility, along with $100 million of cash equity from an affiliate of Apollo Global Management and a $2.2 million pay-in-kind seller note, will be used by Apollo to acquire American Gaming Systems.

Moody's said the B3 assigned to the proposed credit facilities, the same as AP Gaming I, LLC's corporate family rating, considers that the credit facilities will account for almost all of the company's pro forma debt capital structure.

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