Amaya Inc looks to refinance long-term debt

Toronto-listed Amaya Inc has announced that it will refinance certain terms of its debt incurred in last year’s acquisition of Rational Group (PokerStars and Full Tilt Poker brands).

Updating the market, Amaya expects to repay approximately $575 million of its outstanding $800 million second lien term loan.

Amaya is set to carry out its repayment by utilizing a cash sum of $195 million combined with $400 million gained from its first lien term financing. Amaya further informed the market that it would use cash funds gained from its $80 million sale of Chartwell Technologies and Cryptologic Gaming sale to NYX Gaming in April.

The operator believes that the refinancing will reduce certain debt service costs, including interest costs, and will thereby strengthen Amaya’s cash flow generation, liquidity and leverage profile.

Amaya Inc has engaged the services of Deutsche Bank Securities, Inc., Barclays Bank PLC, Goldman Sachs Lending Partners LLC and Macquarie Capital to act as loan advisors and underwriters for its long-term debt refinancing process.

Amaya Governance expects to complete its debt refinancing before the end of the Q3 2015, subject to market conditions.

Read more: http://www.sbcnews.co.uk/europe/2015/07/30/amaya-inc-looks-to-refinance-…