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Century Casinos, Inc. Announces $27 million Credit Agreement from Bank of Montreal
The BMO loan has a term of five years and is guaranteed by the Company. The floating interest rate on the first draw of $4 million is 3.75%. The Company incurred USD $0.2 million in prepayment penalties to settle the Edmonton Mortgage; however, the Company was able to reduce its overall interest rate on its outstanding debt from 7.0% to a floating 3.75%.
"We are very pleased with our new business relationship with BMO, one of the largest Canadian banks. This credit agreement is part of our strategy to increase long-term shareholder value through expansion and growth in domestic as well as international gaming markets. In addition, with the early repayment of the Edmonton Mortgage, the Company has significantly decreased its interest rate and outstanding debt," said Erwin Haitzmann and Peter Hoetzinger, Co Chief Executive Officers of Century Casinos.
Century Casinos, Inc. is an international casino entertainment company that owns and operates Century Casino & Hotels in
Cripple Creek and
Central City, Colorado , and in Edmonton, Alberta, Canada and the Century Casino in
Calgary, Alberta, Canada . The Company also operates casinos aboard twelve luxury cruise vessels (Regatta, Nautica, Marina, Riviera,
Mein Schiff 1, Mein Schiff 2, Wind Surf, Wind Star, Wind Spirit, Seven Seas Voyager, Seven Seas Mariner and Seven Seas Navigator). Through its Austrian subsidiary, Century Casinos Europe GmbH, the Company holds a 33.3% ownership interest in Casinos Poland Ltd., the owner and operator of seven casinos in
Poland . The Company also manages the operations of the casino at the Radisson Aruba Resort, Casino & Spa in
Aruba , Caribbean . Century Casinos, Inc. continues to pursue other international projects in various stages of development.
For more information about Century Casinos, visit our website at www.centurycasinos.com. Century Casinos' common stock trades on The NASDAQ Capital Market® and the Vienna Stock Exchange under the symbol CNTY.