WMS Amends and Extends Unsecured Revolving Credit Facility Through September 2012
WAUKEGAN, Ill.-(Business Wire)-September 28, 2009 - WMS Industries Inc. (NYSE:WMS), a leading developer, manufacturer and marketer of games and gaming machines for the global gaming industry, today announced that it has entered into an amended, unsecured revolving credit facility through September 30, 2012 with a syndicate of 5 banks. The revolving credit facility, which was scheduled to expire on December 31, 2009, was increased to $150 million from $100 million and includes an additional $50 million facility expansion feature. Based on WMS’ leverage ratio, the cost of borrowing under the revolving credit facility will range from 200 to 275 basis points above LIBOR and the cost of unborrowed commitments will range from 25 to 50 basis points. Reflecting WMS’ strong financial results and sound balance sheet, the prior limitations on permitted indebtedness, liens, investments, loans, advances and acquisitions were also modified to provide the Company with greater financial flexibility. JPMorgan Chase Bank, N.A. and Banc of America Securities LLC are co-lead banks for the syndicate that also includes KeyBank, Comerica and Wells Fargo Bank. As of the closing date of September 25, 2009, WMS had no outstanding borrowings under the revolving credit facility.
“The expansion and extension of WMS’ revolving credit facility reflects our focus on maintaining financial flexibility and a solid capital foundation. This amended credit facility provides WMS with an excellent financial resource for additional liquidity and flexibility to pursue opportunities that enhance shareholder value,” said Scott D. Schweinfurth, Executive Vice President, Chief Financial Officer and Treasurer of WMS. “With this agreement, we are able to sustain our strong financial position at a reasonable cost. We value the confidence placed in WMS and our long-term plans for continued profitable growth.”
About WMS Industries
WMS is engaged in serving the gaming industry worldwide by designing, manufacturing and marketing video and reel-spinning gaming machines, video lottery terminals, and in gaming operations, which consists of the placement of leased participation gaming machines in legal gaming venues. More information on WMS can be found at www.wms.com.
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