STOCKBRIDGE, Ga., Dec. 15, 2020 /PRNewswire/ — United Gaming LLC (“the corporate” or “UG”), the biggest operator of coin-operated amusement machines (COAMs) within the State of Georgia, introduced that it had just lately entered into a brand new senior secured $250-million multi-draw credit score facility (the “Credit score Facility”) with a New York-based funding group appearing as agent. The Credit score Facility contains incremental dedicated borrowing obtainable for future enlargement. On the time of closing, using the proceeds included charges, refinancing of an present facility, acquisitions, capital expenditures, and common company functions.
“This new facility was structured to satisfy UG’s upcoming must handle and implement its intensive development plans with a number of mental property tasks, proceed its consolidation plans to construct the enterprise worth, and set up a strong administration workforce for future scale,” stated UG CEO, Bunty Doshi.
Along with the closing of the Credit score Facility, UG acquired the property of Elite Amusement, Inc., together with its total workforce of expertise, as a strategic funding in a legacy firm. Adam Foust, former President of Elite, now joins UG as a Chief Income Officer, serving to develop the UG model and general footprint, leveraging his relationships and over three a long time of expertise out there. Foust remarked, “I’ve been amazed by the imaginative and prescient and potential of UG, and I sit up for beginning a brand new chapter to rework the general business.”
UG was assisted within the negotiations and association of the Credit score Facility by its unique monetary advisor, Imperial Capital LLC, and was represented by Joseph Delgado of Baker Donelson in Atlanta, with its long-time senior counsel, Paul Oeland. Oeland remarked: “Bunty just lately represented UG on the Georgia Senate Research Committee tasked to look at the present COAM business rules promulgated by the Georgia Lottery Company to find out what, if any, extra rules or legal guidelines would facilitate business development. We see a radical transformation occurring with the Georgia distributed gaming house due to the maturity and class institutional funding like this current facility is bringing to the market. This will likely be a very totally different business in just a few years.”
About United Gaming LLC
Based in 2009, UG is a Georgia-based distributed gaming firm that has collected and holds 9 Grasp Licenses issued by the Georgia Lottery Company and operates over 2500 COAMs. UG additionally has focused acquisitions within the near-term pipeline that may add to those totals. In lower than a 12 months, UG has greater than tripled its buyer primarily based, doubled its worker rely, and expanded into rural areas all through the state. Regardless of the pandemic, UG has restabilized its enterprise and is well-positioned with ample capital to advance its objectives for 2021. Study extra at: www.UnitedGamingLLC.com.
Media Contact:
Pete M.
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SOURCE United Gaming LLC
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