TORONTO ONTARIO / ACCESSWIRE / November 15, 2018 / Quantum International Income Corp. (the "Corporation" or "Quantum") (TSXV: QIC) is pleased to announce that Lucky Bucks, LLC ("Lucky Bucks"), Quantum's 60% owned portfolio company, and Lucky Bucks Holdco, LLC, Lucky Bucks' direct parent and holding company, have entered into an amendment (the "First Amendment to Credit and Guaranty Agreement") to their US$75 million multi-draw credit facility (the "Credit and Guaranty Agreement") with Goldman Sachs Specialty Lending Group, L.P. ("GSSLG") dated as of April 9, 2018.
The First Amendment to Credit and Guaranty Agreement, effective as of November 14, 2018, among other things, increases the size of the credit facilities which are available to Lucky Bucks under the Credit and Guaranty Agreement, as the borrower thereunder, to an aggregate principal amount (together with amounts already drawn) of US$100 million and adds AB Private Credit Investors as an additional lender thereunder. Lucky Bucks expects to use the proceeds of the Credit and Guaranty Agreement (as amended and increased by the First Amendment to Credit and Guaranty Agreement) to finance Lucky Bucks' growth through strategic acquisitions.
"The expansion of the credit facility reflects our continued access to capital to execute our consolidation strategy" said Manu K. Sekhri, Chief Executive Officer of Quantum and added "We feel our leverage continues to be very low in comparison to our peers."
Stock Option Grant
The Corporation also announces that it has granted an aggregate of 1,462,589 stock options to certain officers, directors, consultants and employees of Quantum, pursuant to the stock option plan of the Corporation. Each stock option entitles the holder thereof to purchase one common share of the Corporation at a price of $1.00 until November 15, 2023.
About Quantum International Income Corp.
Quantum International Income Corp. is a gaming company. Quantum's vision is to build a diversified portfolio of world class gaming operations. The Corporation looks to enhance shareholder value by growing organically and through acquisitions. The Corporation has an active acquisition strategy with a particular focus on cash-flows and high margins. Currently, the Corporation is the largest route operator of skill-based gaming machines in the State of Georgia, United States of America.
More information about Quantum is available online at www.quantumincomecorp.com.
For further information please contact Quantum:
Manish Grigo
Vice President, Corporate Affairs
Telephone: (416) 569-3292
manish@quantumincomecorp.com
Stephanie Lippa
Office Manager
Tel. (416) 477-3411
stephanie@quantumincomecorp.com
Cautionary Statement Regarding Forward-Looking Information
This news release may contain forward-looking statements or "forward-looking information" within the meaning of applicable Canadian securities laws ("forward-looking statements"). Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or describes a "goal", or variation of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved.
All forward-looking statements reflect the Corporation's beliefs and assumptions based on information available at the time the statements were made. Actual results or events may differ from those predicted in these forward-looking statements. All of the Corporation's forward-looking statements are qualified by the assumptions that are stated or inherent in such forward-looking statements, including the assumptions listed below. Although the Corporation believes that these assumptions are reasonable, this list is not exhaustive of factors that may affect any of the forward-looking statements. The key assumptions that have been made in connection with the forward-looking statements include the following: Quantum continuing to have access to capital; Quantum executing on its consolidation strategy; the continued support of Quantum's lenders; the relatively low leverage of Quantum compared to its peers; the ability of funds under the Credit and Guaranty Agreement (as amended and increased by the First Amendment to Credit and Guaranty Agreement); the availability of strategic acquisitions on terms favourable to Quantum; the ability of Quantum to satisfy the conditions precedent to borrow under the Credit and Guaranty Agreement (as amended and increased by the First Amendment to Credit and Guaranty Agreement).
Forward-looking statements involve known and unknown risks, future events, conditions, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, prediction, projection, forecast, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others, the satisfaction of the conditions precedent to borrow additional funds under the Credit and Guaranty Agreement (as amended and increased by the First Amendment to Credit and Guaranty Agreement; the availability of strategic acquisitions on terms favourable to Quantum; the legal and regulatory regime in the State of Georgia; there being no material change to the capital structure of Lucky Bucks and its guarantors from that which existed as at the date of the Credit Facilities and the willingness of the lenders under the Credit Facilities to make additional funds available to the Corporation. Although Quantum has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.
The Corporation disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events, or otherwise, except in accordance with applicable securities laws.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
SOURCE:Quantum International Income Corp.
View source version on accesswire.com:
https://www.accesswire.com/528253/Quantum-Announces-Increase-in-Credit-Facility-to-US100-Million-Other-Corporate-Updates
