...NEW YORK (S&P Global Ratings) May 18, 2017--S&P Global Ratings today assigned its 'B+' issue-level rating and '2' recovery rating to Las Vegas-based gaming equipment manufacturer AP Gaming Holdings LLC's proposed $480 million senior secured credit facility, consisting of a $450 million term loan B due 2024 and a $30 million revolver due 2022. AP Gaming's subsidiary, AP Gaming I LLC, will issue the credit facility. The '2' recovery rating reflects our expectation for substantial (70%-90%; rounded estimate: 70%) recovery for lenders in the event of a payment default. AP Gaming plans to use proceeds from the proposed term loan to refinance its $420 million term loan due 2020 ($410 million outstanding as of March 31, 2017), to repay seller notes, to add cash to the balance sheet, and to fund transaction fees and expenses. We intend to withdraw our issue-level and recovery ratings on the company's existing credit facility once it is fully repaid. We expect the transaction will reduce AP Gaming's...
