PlayAGS launches $549.9 million term loan at SOFR plus 375 bps

By Sara Rosenberg

New York, Jan. 29 – PlayAGS Inc. (AP Gaming I LLC) was scheduled to hold a lender call at 2:30 p.m. ET on Monday to launch a roughly $549.9 million first-lien term loan due Feb. 15, 2029 that is talked at SOFR plus 375 basis points with no CSA, a 0.75% floor and a par issue price, according to a market source.

The term loan has 101 soft call protection for six months, the source said.

Jefferies LLC is the bookrunner on the deal.

Consents are due at 5 p.m. ET on Thursday, the source added.

Proceeds will be used to reprice an existing first-lien term loan, which is expected to be paid down by $15 million from roughly $564.9 million, down from SOFR+CSA plus 400 bps with a 0.75% floor. CSA on the existing loan is 10 bps one-month rate, 15 bps three-month rate and 25 bps six-month rate.

PlayAGS is a Las Vegas-based designer and supplier of diverse gaming products and services to the gaming industry.

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