Amaya Refinancing Agreement Guards Against 'a Certain Shareholder' Taking Control

Lenders insist on precautionary clauses

Online gambling group Amaya Inc., issued a press release Friday detailing refinancing agreements with lenders GSO Capital Partners, Deutsche Bank, Barclays, Macquarie Capital that will see it save Cdn$15.4 million on interest payments and free up funds… but a section of the release referring to a requirement by the lenders grabbed the attention of observers, who interpreted it as a precautionary move to ensure that former CEO and still major shareholder David Baazov is constrained from taking control of the company at some future point.
The passage that caught everyone's eye read:
"At the request of certain lenders, the amendment also modifies the change of control provision to remove the ability of a certain current shareholder to directly or indirectly acquire control of Amaya without triggering an event of default and potential acceleration of the repayment of the debt under the credit agreement for the first lien term loans."
InfoPowa readers will recall that Baazov made two unsuccessful attempts last year to gain control of Amaya before stepping down as CEO to fight insider trading charges arising from the Rational Group acquisition that are due for a high court hearing later this year.
See the full Amaya statement here:
http://www.amaya.com/press/2017/03/amaya-announces-successful-completion-of-repricing-and-amendment-to-its-first-lien-term-loans-00435.shtml

Online Casino News Courtesy of Infopowa

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Brian Cullingworth

Brian Cullingworth

Infopowa news was a staple of Casinomeister’s news from 2000 until 2019. Brian Cullingworth was the main writer, contributor, and was one of the most knowledgeable persons I have ever known involved in the online casino industry.

We first met in January 2001 at the ICE in London where I observed him going booth to booth interviewing online casino, software, and licensing jurisdiction representatives. Brian was also heavily involved with our forum as “Jetset“, he was involved as an informal consultant to eCOGRA, the OPA, and was a player advocate who assisted countless aggrieved players with his connections to industry folks. He also published “Casino Cautions” via Infopowa news for quite a number of years. These can be found in our news archives.

His passing in February 2019 was a dark day for us. He will be forever missed.

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