Ainsworth Game Technology (AGT) has established a $35 million credit line with Western Alliance Bank (WAB). This five-year agreement supersedes their prior financing deal with ANZ.
The fresh credit facility is granted to Ainsworth’s US branch, with the Australian parent corporations serving as sureties. AGT utilized $28 million of the new credit to settle the remaining balance on their former loan with ANZ.
Further information regarding the new financing structure will be disclosed when AGT publishes its unaudited financial outcomes on February 25th.
Earlier this month, the Australian-listed firm announced a cash reserve of AUD$24 million and net liabilities of AUD$15 million as of December 31, 2020. For the six months concluding December 31st, AGT’s income was US$72 million. This signifies a 71% rise compared to the latter half of their 2020 fiscal year, yet still a 33% decline compared to the corresponding timeframe in the preceding year. Looking forward, the company anticipates favorable earnings for the initial half of 2021, forecasting roughly US$6 million in EBITDA.