STOCKBRIDGE, Ga., Dec. 15, 2020 /PRNewswire/ — United Gaming LLC (“the company” or “UG”), the largest operator of coin-operated amusement machines (COAMs) in the State of Georgia, announced that it had recently entered into a new senior secured $250-million multi-draw credit facility (the “Credit Facility”) with a New York-based investment group acting as agent. The Credit Facility includes incremental committed borrowing available for future expansion. At the time of closing, the use of the proceeds included fees, refinancing of an existing facility, acquisitions, capital expenditures, and general corporate purposes.
“This new facility was structured to meet UG’s upcoming needs to manage and implement its extensive growth plans with several intellectual property projects, continue its consolidation plans to build the enterprise value, and establish a robust management team for future scale,” said UG CEO, Bunty Doshi.
In addition to the closing of the Credit Facility, UG acquired the assets of Elite Amusement, Inc., including its entire team of talent, as a strategic investment in a legacy company. Adam Foust, former President of Elite, now joins UG as a Chief Revenue Officer, helping grow the UG brand and overall footprint, leveraging his relationships and over three decades of experience in the market. Foust remarked, “I have been amazed by the vision and potential of UG, and I look forward to starting a new chapter to transform the overall industry.”
UG was assisted in the negotiations and arrangement of the Credit Facility by its exclusive financial advisor, Imperial Capital LLC, and was represented by Joseph Delgado of Baker Donelson in Atlanta, with its long-time senior counsel, Paul Oeland. Oeland remarked: “Bunty recently represented UG on the Georgia Senate Study Committee tasked to examine the current COAM industry regulations promulgated by the Georgia Lottery Corporation to determine what, if any, additional regulations or laws would facilitate industry growth. We see a radical transformation going on with the Georgia distributed gaming space because of the maturity and sophistication institutional investment like this recent facility is bringing to the market. This will be a completely different industry in a few years.”
About United Gaming LLC
Founded in 2009, UG is a Georgia-based distributed gaming company that has accumulated and holds nine Master Licenses issued by the Georgia Lottery Corporation and operates over 2500 COAMs. UG also has targeted acquisitions in the near-term pipeline that will add to these totals. In less than a year, UG has more than tripled its customer based, doubled its employee count, and expanded into rural areas throughout the state. Despite the pandemic, UG has restabilized its business and is well-positioned with ample capital to advance its goals for 2021. Learn more at: www.UnitedGamingLLC.com.
SOURCE United Gaming LLC