Ainsworth Game Technology Secures $35 Million Credit Facility with Wells Fargo
Ainsworth Game Technology (AGT) has obtained a substantial capital infusion via a fresh $35 million credit facility with Wells Fargo Bank, a prominent US financial entity. This quinquennial agreement supersedes AGT’s prior funding arrangement with ANZ.
The credit line will be overseen through AGT’s US branch, Ainsworth Game Technology Inc., with the Australian parent entities, AGT Pty Ltd and Ainsworth Game Technology Limited, serving as sureties. AGT utilized $28 million of the new credit line to retire outstanding obligations due to ANZ.
This development follows AGT’s favorable financial statement for the half-year concluding December 31, 2020. Despite the previous year’s hurdles, the firm posted $72 million in income, a 71% surge compared to the preceding six months. Though still 33% lower than the prior year, AGT forecasts a return to profitability in the initial half of 2021, projecting earnings before interest, taxes, depreciation, and amortization (EBITDA) to hit $6 million.
Shareholders and industry observers will be eager to glean further information regarding the specifics of the new funding arrangement when AGT publishes its unaudited financial outcomes on February 25th.
