PlayAGS, Inc.

Overview

Deal Type Debt Capital Markets
Size $875 Million
Senior Secured Credit Facilities
Client & Transactional Partners Brightstar Capital Partners
PlayAGS, Inc.
Our Role Joint Lead Arranger
Joint Bookrunner

Summary

On June 30, 2025, KeyBanc Capital Markets (KBCM) successfully closed the syndication of $875 million Senior Secured Credit Facilities (the Credit Facilities) in support of Brightstar Capital Partners’ (Brightstar) acquisition of PlayAGS, Inc. (AGS or the Company). The Credit Facilities are comprised of a $100 million Revolving Credit Facility and a $775 million Term Loan.

KBCM was selected to serve as Joint Lead Arranger and Joint Bookrunner due to our long-standing relationship with Brightstar, gaming industry expertise and debt capital markets platform. This transaction represents a new client and agency relationship for KBCM.

AGS is a global gaming company dedicated to delivering a diverse mix of entertaining gaming experiences for every kind of player. With a full-spectrum product portfolio spanning slot machines, table products, card shufflers, and online gaming, AGS has grown into one of the industry’s most comprehensive gaming suppliers. The Company’s customer-centric culture and “innovation with intent” philosophy fuel continuous development of high-performing products designed to drive customer success and player engagement. AGS’ omnichannel strategy – bridging the land-based casino and digital gaming worlds – positions the Company to serve the evolving needs of its casino operator partners around the world. 

Brightstar Capital Partners is a middle market private equity firm with $5 billion AUM that is focused on investing in business services, industrials, consumer, and government services and technology companies, where Brightstar believes it can drive significant value with respect to the management, operations, and strategic direction of the business. Since its founding in 2015, Brightstar has accumulated extensive experience partnering with family, founder, or entrepreneur-led businesses. Brightstar employs an operationally intensive “Us & Us” approach that leverages its considerable hands-on operational expertise and deep relationship network to help companies reach their full potential.

KeyBanc Capital Markets is a trade name under which the corporate and investment banking products and services of KeyCorp and its subsidiaries, KeyBanc Capital Markets Inc., member FINRA/SIPC (“KBCMI”), and KeyBank National Association (“KeyBank N.A.”), are marketed. Securities products and services are offered by KeyBanc Capital Markets Inc. and by its licensed securities representatives. Banking products and services are offered by KeyBank N.A.

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