Ainsworth Gaming Secures $35 Million Credit Facility From Western Alliance Bank
Ainsworth Gaming Corporation (AGC) has obtained a fresh financial boost through a $35 million credit agreement with Western Alliance Bank (WAB). This five-year arrangement supersedes a previous credit line the Australian gaming machine manufacturer held with ANZ Bank.
Ainsworth will allocate $28 million from the new loan to settle its outstanding balance with ANZ. The firm will disclose further particulars regarding this new financial pact upon the release of its semi-annual results on February 25th.
This development follows AGC’s announcement of a robust revenue recovery for the six-month period ending December 31, 2020. The company generated $72 million, marking a 71% surge compared to the latter half of the 2020 fiscal year. Notwithstanding this upward trajectory, revenue remains 33% lower than the corresponding period in the preceding year.
Looking forward, AGC anticipates reporting positive earnings before interest, taxes, depreciation, and amortization (EBITDA) of $6 million for the initial six months of 2021.