Toronto-listed supplier NYX Gaming Group has taken the first step towards improving its capital structure by increasing the term facility of its existing debt by £15m.
The company’s wholly-owned subsidiary, NYX Digital Gaming Limited, has amended its senior facilities agreement with ARES Management to increase the term facility commitment by £15m at the same rate as its existing term debt.
NYX plans to use the additional capital for working capital purposes, various organic growth initiatives in its casino business, and the continued integration of the company's operating businesses.
"This add-on term debt substantially enhances our financial flexibility,” said NYX chief executive Matt Davey. “It will allow for an acceleration of our consolidation strategy with OpenBet and provide an additional working capital cushion. This is the first step of the company's initiative to improve its capital structure.”
NYX raised a total of CAD$526.1m in equity, debt, and preferred stock in order to fund the purchase of OpenBet and provide the necessary funding for NYX to meet its existing and future obligations. Total equity employed as of September 30th was $265.0m.