Item 1.01 Entry into a Material Definitive Agreement.
On August 13, 2018, Century Resorts Management GmbH ("CRM"), a wholly-owned
subsidiary of Century Casinos, Inc. (the "Company"), entered into a loan
agreement (the "UniCredit Agreement"), by and among UniCredit Bank Austria AG
("UniCredit"), as lender, CRM, as borrower and the Company, as guarantor. The
UniCredit Agreement provides a revolving line of credit for up to EUR 7.0
million ($8.0 million based on the exchange rate in effect as of August 13,
2018) to be used for acquisitions and capital expenditures at the Company's
existing operations or new operations.
Borrowings may be in the form of:
a. Borrowings denominated in EUR and bearing interest at EURIBOR plus a margin of
b. Borrowings denominated in USD and bearing interest at LIBOR plus a margin of
The UniCredit Agreement is available until terminated by either party. Funds can
be borrowed with terms of 1, 3, 6, 9 or 12 months. The UniCredit Agreement is
secured by a EUR 7.0 million guarantee by the Company. The UniCredit Agreement
contains customary events of default, including the failure to make required
payments. Upon a failure to make required payments following a grace period,
amounts due under the UniCredit Agreement may be accelerated.
This summary of the UniCredit Agreement is qualified in its entirety by
reference to the text of the UniCredit Agreement, a copy of which is filed with
this Current Report on Form 8-K as Exhibit 10.1 and is incorporated herein by
Item 2.03Creation of a Direct Financial Obligation or an Obligation under an
Off-Balance Sheet Arrangement of a Registrant.
The disclosure contained in "Item 1.01 Entry into a Material Definitive
Agreement" of this Current Report on Form 8-K is incorporated in this Item 2.03
Item 9.01Financial Statements and Exhibits.
Exhibit No. Description
10.1 Loan Agreement dated, August 13, 2018, by and among Century
Resorts Management GmbH, Century Casinos, Inc. and UniCredit Bank
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