Gaming Capital talks $450 million term B at SOFR plus 525-550 bps

By Sara Rosenberg

New York, April 27 – Gaming Capital Group (GCG Holdings LLC) came out with price talk on its $450 million seven-year covenant-lite term loan B at SOFR+10 basis points CSA plus 525 bps to 550 bps with a 0.5% floor and an original issue discount of 98, according to a market source.

The term loan B has 101 soft call protection for six months and amortization of 5% per annum for the first four quarters, stepping down to 2.5% per annum thereafter.

Security is a perfected first-lien interest on substantially all assets of the borrower and guarantors including capital stock of each wholly owned material subsidiary, subject to customary exceptions.

The company’s $750 million of credit facilities (B+) also include a $100 million revolver and a $200 million term A.

Wells Fargo Securities LLC, Goldman Sachs Bank USA, US Bank, PNC and NV State Bank are the lead arrangers on the deal that launched with a lender call on Tuesday.

Commitments are due at noon ET on May 5.

Proceeds will be used to refinance existing debt and consolidate ownership by performing buyouts of various GCG entities.

Gaming Capital is a Newcastle, Okla.-based provider of class II and class III electronic gaming machines to tribal and commercial casinos in the Oklahoma market.

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