This forms part of a credit agreement that took place on 26 April 2022.
GAN, through its wholly-owned subsidiary GAN Nevada, officially entered into the three agreements on 13 April 2023. The agent for the loan is Alter Domus LLC.
The first agreement was entered into on the basis that Beach Point would waive certain defaults under the credit agreement, and would amend certain elements – including replacing the consolidated interest coverage ratio with a liquidity covenant of $10m, beginning 30 June 2023.
Both Beach Point and Japan-based gaming company Sega Sammy entered into the second agreement, known as an assignment and acceptance. As part of this, Beach Point assigned all its rights and obligations to Sega Sammy under the credit agreement.
Upon the execution of Beach Point and Sega Sammy’s assignment and acceptance deal, GAN Nevada initiated the third agreement – a second amendment to the credit agreement with Sega Sammy. This allows GAN Nevada to borrow an additional $12m of term loans to pay various fees. This final agreement took effect on 14 April.
Earlier this week, GAN filed its annual report late, after it announced in an SEC filing that it would be unable to make the deadline.
Original article: https://igamingbusiness.com/finance/gan-to-receive-30m-loan/
