...NEW YORK (Standard & Poor's) May 12, 2015--Standard & Poor's Ratings Services today raised its issue-level rating on Las Vegas-based gaming equipment supplier AP Gaming Holdings LLC's subsidiary AP Gaming I LLC's senior secured debt to 'B+' from 'B' and revised the recovery rating to '2' from '3'. The '2' recovery rating reflects our expectation for "substantial" (70% to 90%; lower half of the range) recovery for lenders in a payment default. The higher recovery rating reflects our assessment that the additional value from the acquisition of gaming equipment supplier Cadillac Jack Inc. more than offsets the incremental term loan debt. The company's senior secured credit facility consists of a $40 million revolver (including $15 million in expected incremental revolving credit commitments) due 2018, and a $405 million term loan (including $250 million in expected additional commitments) due 2020. AP Gaming plans to use the additional term loan proceeds, along with proceeds from a $115 million...
