Galaxy closes $10.5m loan

Galaxy Gaming has secured a new $10.5 million (€9.4 million) term loan that will be used to refinance its existing long-term debt.

The loan, which was placed with Breakaway Capital Management, matures in August 2021 and will include a six-month interest-only period, amortising at 10% per year until maturity.

Galaxy’s debt originated through the asset purchase of Prime Time Tables in 2011 for $23 million.

“This is a historic moment for Galaxy Gaming, five years ago, our company acquired certain strategic assets from Prime Table Games,” Galaxy chief executive Robert Saucier said.

“That important acquisition served as a catalyst for our growth, allowing us to quadruple our recurring revenues.

“Using rocket ship analogies, the Prime Table Game acquisition was a critical first-stage launch sending us upward at an accelerated rate.

“This current contribution by Breakaway Capital is expected to act as an important second-stage catalyst, propelling us to achieve even higher altitudes at an increased velocity.”

Mike Connolly, founder and general partner of Breakaway, added: “Galaxy’s recurring business model and unique position in the marketplace are what attracted us to the opportunity.

“We are happy to partner with Galaxy and help take their operations and strategy to the next level.”

Related article: Galaxy cites new launches and expansion as revenue climbs in Q1