GALAXY GAMING, INC. (OTCMKTS:GLXZ) Files An 8-K Entry into a Material Definitive Agreement

On October 14, 2019, Galaxy Gaming, Inc. (“Galaxy” or the “Company”) and Zions Bancorporation N.A. dba Nevada State Bank entered into a Fourth Amendment to Credit Agreement (the “Fourth Amendment”), to which the Credit Agreement, dated April 24, 2018, by and between Galaxy and ZB, N.A. dba Nevada State Bank (as amended on April 22, 2019, May 6, 2019 and August 16, 2019, the “Credit Agreement”) was amended as described herein. The Fourth Amendment amends certain of the leverage ratios contained in the Credit Agreement, including establishing the Senior Leverage Ratio (as defined in the Credit Agreement) at 2.0x for the term of the Credit Agreement, and revising the Total Leverage Ratio covenant to require a Total Leverage Ratio of 7.25x initially, with the ratio reduced 0.25x every six months commencing June 30, 2020 through December 31, 2022. The Fourth Amendment also eliminates the $10.0 million Term Loan B availability that was established in the Second Amendment, dated May 6, 2019.

The Fourth Amendment contains representations and warranties and affirmations regarding the Fourth Amendment and the Credit Agreement that are customary for financing transactions. Other than as specifically referenced in the Fourth Amendment, the Credit Agreement remains in full force and effect.

The foregoing description of the Fourth Amendment is not complete and is qualified in its entirety by reference to the Fourth Amendment filed as Exhibit 10.3 hereto.

The information set forth under Item 1.01 of this Current Report on Form 8-K is incorporated by reference into this Item 2.03.

On October 15, 2019, the Company issued a press release announcing the Fourth Amendment to the Credit Agreement, dated April 24, 2018, between the Company and Zions Bancorporation N.A. dba Nevada State Bank. A copy of the press release is attached hereto as Exhibit 99.1.

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Galaxy Gaming, Inc. Exhibit
EX-10.3 2 ex10_3.htm EXHIBIT 10.3 Exhibit 10.3 EXECUTION VERSION FOURTH AMENDMENT TO CREDIT AGREEMENT This FOURTH AMENDMENT TO CREDIT AGREEMENT (this “Amendment”),…
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About GALAXY GAMING, INC. (OTCMKTS:GLXZ)

Galaxy Gaming, Inc. is engaged in the business of designing, developing, manufacturing and/or acquiring casino table games and associated technology, platforms and systems for the global gaming industry. The Company markets its products to land-based, riverboat and cruise ship gaming establishments and to Internet gaming companies. It groups its products into four product categories: Proprietary Table Games, Enhanced Table Systems, e-Tables and Ancillary Equipment. The Company has an installed base of its products on over 5,000 gaming tables located in over 600 casinos. The Company owns over 20 different table games, including 21+3, Two-way Hold’em and Three Card Poker, which are played in over 250 casinos. The Company’s Proprietary Table Games are grouped into two product types: Side Bets and Premium Games. Enhanced Table Systems are electronic enhancements used on casino table games to add to player appeal and to enhance game security.