Successful completion of a public offering has fetched Everi Holdings about $123 million. Everi Holdings is dedicated to developing advanced cash handling technology as well as developing electronic game content for online and land-based casinos.
As reported by GGRAsia, the company has completed an underwritten public offering of 10 million shares at a public offering price of US$11.25 per share. Everi has managed to raise about $123 million with the offering.
The final proceeds from the sale of the shares were derived from factoring discounts. However, they were calculated before considering the estimated offering expenses payable by the company. The information was released by Everi Holdings in a written announcement.
The company has also promised underwriters an opportunity to purchase up to an additional 1.5 million shares of Everi’s common stock without changing the price which means they will be getting additional shares at the same price as that during the public offering. The company has also allowed for a 30-day window for underwriters to purchase additional shares.
Explaining where the funds procured would be used, the company in its statement said that it would “refinance a portion of its existing indebtedness in one or more transactions, which may include the repayment of certain outstanding borrowings under the company’s existing term loan facility and/or the redemption and/or repurchase of a portion of its outstanding 7.50-percent senior unsecured notes due 2025”.
“Pending the deployment of the net proceeds for such refinancing transactions, the company may invest the net proceeds in short-term, interest-bearing, investment-grade securities,” the firm added.
The company had had a good third-quarter this year. Earlier in November, Everi posted a $9.3 million for the third quarter of 2019. For the same period the previous year, the company had posted a net income of $2.1 million only.