On Friday, May 29, 2015, AGS, a leading supplier of Class II and Class III slot machines as well as live table games, finalized the acquisition of Cadillac Jack, a leading provider of Class II gaming machines for the North American tribal gaming market, with key regions of operation including Alabama, Mexico, and Wisconsin.
As previously announced on March 30, 2015, the deal is valued at $370 million in cash plus a promissory note of $12 million. The acquisition was financed in part with the net proceeds of $265 million of incremental term loans incurred by AP Gaming I, LLC under its First Lien Credit Agreement and $115 million principal amount of 11.25% senior secured PIK notes due 2021 issued by AP Gaming Holdco, Inc.
David Lopez, Chief Executive Officer for AGS:
AGS was acquired in December 2013 by funds managed by affiliates of Apollo Global Management, LLC (NYSE: APO).
Paul, Weiss, Rifkind, Wharton & Garrison LLP served as legal advisor to AGS in connection with the transaction. Global Leisure Partners served as financial advisor to AGS in connection with the transaction.