Australian gaming machine manufacturer, Ainsworth Game Technology (AGT), has obtained a fresh five-year, $35 million credit line with Wells Fargo Bank National Association (WAB). Under the agreement, Ainsworth’s American branch, Ainsworth Game Technology Inc., will serve as the debtor, while its parent entities within the AGT group – AGT Pty Ltd and Ainsworth Game Technology Limited – will furnish guarantees.
This recent capital infusion supersedes a prior credit accord AGT held with ANZ Bank, effectively eliminating the company’s liabilities. Ainsworth intends to disclose further particulars regarding the funding upon the release of its unaudited financial statements on February 25th.
Earlier this month, AGT declared a cash reserve of AU$24 million and a net debt of AU$15 million as of December 31, 2020. Despite a difficult year marked by a 33% revenue contraction compared to the preceding year, the firm realized a 71% revenue surge for the six months concluding December 31, 2020, relative to the latter half of the 2020 fiscal year, attaining US$72 million. Looking forward, AGT projects its underlying EBITDA for the initial half of fiscal year 2021 to reach US$6 million.
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