Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  Equities  >  Nasdaq  >  Century Casinos, Inc.    CNTY

CENTURY CASINOS, INC.

(CNTY)
My previous session
Most popular
  Report  
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsOfficial PublicationsSector newsAnalyst Recommendations

CENTURY CASINOS INC /CO/ : Entry into a Material Definitive Agreement, Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant, Financial Statements and Exhibits (form 8-K)

share with twitter share with LinkedIn share with facebook
share via e-mail
0
08/28/2018 | 06:23pm EDT

Item 1.01 Entry into a Material Definitive Agreement.

On August 24, 2018, Century Resorts Alberta Inc. ("CRA"), Century Casino St. Albert Inc. ("CSA") and Century Mile Inc. ("CMI"), which are wholly-owned subsidiaries of Century Casinos, Inc. (the "Company"), entered into the Third Amended and Restated Credit Agreement (the "BMO Credit Agreement") dated as of June 30, 2018, as borrowers, with the Bank of Montreal ("BMO"), as lender. The BMO Credit Agreement amends and restates the Second Amended and Restated Credit Agreement, dated September 30, 2016, among CRA, Century Casino Calgary Inc., CSA and BMO.

The BMO Credit Agreement was amended primarily to include an additional credit facility of up to CAD 33.0 million, Credit Facility F, to provide additional financing for the construction and development of a horse racing facility in the Edmonton market area, which the Company is planning to operate as Century Mile Racetrack and Casino ("CMR"). CMR will be a one-mile horse racetrack and a multi-level REC. The project is located on Edmonton International Airport land close to the city of Leduc, south of Edmonton. The Company began construction of the CMR project in July 2017 and estimates that it will be completed in March 2019. Advances for funding the CMR project can be borrowed through the BMO Credit Agreement until the earliest of (i) the date on which demand for payment is made by BMO; (ii) August 24, 2019; (iii) the Project Construction Completion Date, as defined in the BMO Credit Agreement; or (iv) the occurrence of event of default, as defined in the BMO Credit Agreement (each, a "Facility Termination Date"). On the Facility Termination Date, the funds will be converted into Credit Facility G, a committed, reducing term credit facility with a term of five years. The BMO Credit Agreement is guaranteed by the Company. Subject to the terms of the BMO Credit Agreement, the Company may choose to reduce the balances outstanding under Credit Facility A, Credit Facility B, Credit Facility C, Credit Facility D, Credit Facility G and Credit Facility H, each as described below, by prepaying the loans in advance without penalty.

The BMO Credit Agreement consists of the following credit facilities. References to "CAD" are to the Canadian dollar.



 1.  Credit Facility A is a CAD 1.1 million revolving credit facility, which may be
     used for general corporate purposes, including for the payment of costs
     related to the BMO Credit Agreement, ongoing working capital requirements and
     operating regulatory requirements. As of August 24, 2018, the Company had CAD
     1.1 million available for borrowing under Credit Facility A.


 2.  Credit Facility B is an approximately CAD 15.6 million committed,
     non-revolving, reducing standby facility, which was used for the construction
     and development of the Century Downs Racetrack and Casino ("CDR") project,
     repayment of a mortgage loan related to CRA, other investments and for working
     capital and general corporate purposes. Once the principal amount of an
     advance under Credit Facility B has been repaid, it cannot be re-borrowed. As
     of August 24, 2018, the Company had no additional available borrowings under
     Credit Facility B.


 3.  Credit Facility C is a CAD 11.0 million revolving credit facility, which may
     be used as additional financing for the construction and development of CDR.
     The Company may re-borrow the principal amount within the limits described in
     the BMO Credit Agreement for Capital Expenditures or Permitted Investments,
     each as defined in the BMO Credit Agreement. As of August 24, 2018, the
     Company had CAD 5.6 million that remained available for borrowing under Credit
     Facility C.


 4.  Credit Facility D is an approximately CAD 26.3 million committed, reducing
     term credit facility to finance the Company's acquisition of CSA in September
     2016. Once the principal amount of an advance under Credit Facility D has been
     repaid, it cannot be re-borrowed. As of August 24, 2018, the Company had no
     additional available borrowings under Credit Facility D.


 5.  Credit Facility E is a CAD 3.0 million treasury risk management facility. The
     Company may use this facility to hedge interest rate risk or currency exchange
     rate risk. Credit Facility E has a term of five years.


 6.  Credit Facility F is a CAD 33.0 million demand, non-revolving, construction
     credit facility for use for the construction and development of the CMR
     project. Upon the maturity of Credit Facility F on the Facility Termination
     Date, the principal balance will be converted to Credit Facility G. Once funds
     are advanced from Credit Facility F, they cannot be re-borrowed.

--------------------------------------------------------------------------------

7. Credit Facility G is a committed, non-revolving, term credit facility. The

Company cannot re-borrow funds that have been repaid under Credit Facility G.

8. Credit Facility H is a CAD 3.0 million equipment leasing credit facility for

     use for the CMR project pursuant to the Interim Funding Agreement and Master
     Lease Agreement described in the BMO Credit Agreement. The Company may
     re-borrow the principal amount within the limits described in the BMO Credit
     Agreement pursuant to the Interim Funding Agreement and Master Lease
     Agreement.



The interest rates of the credit facilities under the BMO Credit Agreement are as follows:

 1.  Advances under Credit Facility A may be in the form of:


 a.  Advances denominated in CAD and bearing interest at BMO's floating rate for
     loans made in CAD plus a margin;


 b.  Advances denominated in USD and bearing interest at BMO's floating rate for
     loans made in USD plus a margin;


 c.  Issuances of a CAD letter of credit (with a maximum aggregate face value of
     CAD 100,000), bearing interest at a floating margin rate; and/or


 d.  Advances under a business MasterCard credit facility, up to the maximum
     aggregate amount of CAD 200,000.


 2.  Advances under Credit Facility B were available in the form of:


 a.  Advances denominated in CAD and bearing interest at BMO's floating rate for
     loans made in CAD plus a margin;


 b.  Advances denominated in USD and bearing interest at BMO's floating rate for
     loans made in USD plus a margin;


 c.  Advances denominated in CAD and bearing interest at a fixed rate for one to
     three months plus a margin;


 d.  Advances denominated in USD and bearing interest at the LIBOR rate fixed for
     one, two, three or six months (in a minimum amount of USD 1 million and USD
     500,000 increments thereafter); and/or


 e.  A Banker's Acceptance denominated in CAD and bearing interest at a fixed rate
     for 30-180 days (in a minimum amount of CAD 1 million and in CAD 500,000
     increments thereafter).


 3.  Advances under Credit Facility C may be in the form of:


 a.  Advances denominated in CAD and bearing interest at BMO's floating rate for
     loans made in CAD plus a margin;


 b.  Advances denominated in CAD and bearing interest at a fixed rate for one to
     three months plus a margin (in a minimum amount of CAD 500,000 and CAD 100,000
     increments thereafter); and/or


 c.  A Banker's Acceptance denominated in CAD and bearing interest at a fixed rate
     for 30-180 days (in a minimum amount of CAD 1 million and in CAD 500,000
     increments thereafter).


 4.  Credit Facility D was limited to one drawdown on the closing date of the CSA
      acquisition of up to the amount of the Credit Facility D limit in the form
     of:


 a.  Advances denominated in CAD and bearing interest at BMO's floating rate for
     loans made in CAD plus a margin;


 b.  Advances denominated in CAD and bearing interest at a fixed rate for one to
     three months plus a margin (in a minimum amount of CAD 500,000 and in CAD
     100,000 increments thereafter); and/or


 c.  A Banker's Acceptance denominated in CAD and bearing interest at a fixed rate
     for 30-180 days (in a minimum amount of CAD 1 million and in CAD 500,000
     increments thereafter).


 5.  Longer term fixed rates of interest, up to and including the full remaining
     term of the respective credit facilities can be achieved through the use of
     interest rate swaps with a deemed risk up to the maximum amount of Credit
     Facility E.


 6.  Advances under Credit Facility F may be in the form of:


 a.  Advances denominated in CAD and bearing interest at BMO's floating rate for
     loans made in CAD

--------------------------------------------------------------------------------

plus a margin; and/or

b. Issuance of a Letter of Credit in CAD by BMO bearing interest at 2.00% to

3.25%.

7. Credit Facility G is limited to one drawdown at the conversion date of Credit

Facility F in the form of:

a. Advances denominated in CAD and bearing interest at BMO's floating rate for

loans made in CAD plus a margin; and/or

b. A Banker's Acceptance denominated in CAD and bearing interest at a fixed rate

for 30-180 days (in a minimum amount of CAD 1 million and in CAD 500,000

increments thereafter).

8. Advances from Credit Facility H are made in accordance with the Interim

     Funding Agreement and the Master Lease Agreement of the BMO Credit Agreement.
     Interest, fees and other amounts at the margins and rates determined by the
     Master Lease Agreement are determined upon execution of the applicable lease
     agreement.

9. Any funds that are not drawn down under either Credit Facility A, Credit . . .

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 by reference.

Item 9.01Financial Statements and Exhibits.



(d) Exhibits




Exhibit No.                      Description
   10.1         Third Amended and Restated Credit Agreement,
              dated June 30, 2018, by and among Century Resorts
              Alberta Inc., Century Casino St. Albert Inc.,
              Century Mile Inc. and Bank of Montreal.

© Edgar Online, source Glimpses

share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on CENTURY CASINOS, INC.
03/22CENTURY CASINOS : to present at Roth Growth Stock Conference in Newport Beach, C..
AQ
03/12CENTURY CASINOS : Announces Fourth Quarter 2018 Results
AQ
03/11CENTURY CASINOS : 4Q Earnings Snapshot
AQ
03/11CENTURY CASINOS // MANAGEMENT DISCUS : CENTURY CASINOS INC /CO/ Management's Dis..
AQ
03/11CENTURY CASINOS INC /CO/ : Results of Operations and Financial Condition, Regula..
AQ
02/28CENTURY CASINOS INC /CO/ : Regulation FD Disclosure, Financial Statements and Ex..
AQ
2018CENTURY CASINOS : 3Q Earnings Snapshot
AQ
2018CENTURY CASINOS INC /CO/ : Results of Operations and Financial Condition, Regula..
AQ
2018CENTURY CASINOS // MANAGEMENT DISCUS : CENTURY CASINOS INC /CO/ Management's Dis..
AQ
2018CENTURY CASINOS : reaches Important Milestones at Century Mile and brings Chuckw..
AQ
More news