Bally Technologies Completes SHFL Acquisition

(RTTNews) - Bally Technologies, Inc. (BYI) said Mond\ that it has completed the acquisition of SHFL entertainment, Inc. (SHFL).

SHFL shareholders are receiving $23.25 per share in cash for each share of SHFL stock. The deal is valued at about $1.3 billion, including assumed net debt.

In connection with the acquisition, Bally amended and restated its existing $1.1 billion credit facility and closed a new $1.1 billion Term Loan B facility with an all-in yield of 4.375 percent. Proceeds from the new Term Loan B facility and excess capacity under the existing credit facility will be used to fund the acquisition and pay related fees and expenses. Bally also announced its new senior executive team following the completion of the acquisition. Among others, Neil Davidson has been appointed Senior Vice President, Chief Financial Officer and Treasurer. Davidson has been Bally's CFO since 2010 and has been with the company in key financial roles since 2006.