Accel Entertainment Secures $900 Million Credit Facility
Gaming provider and terminal operator Accel Entertainment has announced details of a $900 million senior secured credit facility.
The new facility consists of a $300 million revolving credit facility and a $600 million term loan. Each will run for a five-year term.
Accel used initial borrowings to repay in full and terminate all outstanding commitments under its existing senior secured credit agreement. The company will use the remaining funds to support investment across the group.
CIBC Bank USA acted as administrative agent and lead arranger for the facility. Fifth Third Bank, National Association, JPMorgan Chase Bank, U.S. Bank National Association, and Truist Securities, were joint lead arrangers, with Bank of America documentation agent.
New Facility Enhances Liquidity Profile for Accel
Accel Entertainment CEO Andy Rubenstein welcomed the new financing. He said it will allow the company to pursue “targeted growth opportunities” and continue its investment plans.
“We are pleased to complete this financing, which enhances our liquidity profile while reducing our cost of capital for the years ahead,” Rubenstein said.
“This new facility positions us to continue investing in our distributed gaming operations, Fairmount Park Casino & Racing, and targeted growth opportunities, while maintaining a strong balance sheet as we focus on enhancing shareholder value.”
Accel announced the soft launch of Fairmount Park Casino & Racing, its first racino in the state of Illinois, in April. The launch marked its strategic entry into the local racino market.
