Aristocrat Leisure Limited (ASX: ALL) today announced that it successfully priced a new US$500m Term Loan B (‘TLB’) facility maturing in October 2024, further strengthening the Group’s liquidity and preserving its strong balance sheet metrics.
The loan was priced on Thursday 14 May 2020 (US time) and settlement is expected to occur on or around 21 May 2020 (US time).
The proceeds will be used for general corporate purposes. The issue was strongly supported by existing and new investors and priced with a margin of 375 basis points. Following settlement, Aristocrat’s total TLB debt will amount to US$2.35 billion priced at a weighted average LIBOR + 218 bps.
Aristocrat CFO, Julie Cameron-Doe, said "We are very pleased with the outcome of this debt raising which was significantly oversubscribed. The TLB market continues to provide Aristocrat with flexibility and competitively priced debt on a covenant light basis and we are grateful for the ongoing support of this important debt market. The transaction is part of our ongoing strategy to further enhance our liquidity, continue to invest for growth and position the Group to emerge strongly from the current COVID-19 related challenges."