WMS Industries gets access to more cash

WMS Industries Inc., the Waukegan-based maker of slot machines, said it entered into an amended, unsecured revolving credit facility through Sept. 30, 2012, with a syndicate of five banks.

The revolving credit facility, which was scheduled to expire on Dec. 31, was increased to $150 million from $100 million and includes an additional $50 million facility expansion feature, according to a statement distributed by Business Wire

The interest rate on the facility will vary between 200 basis points and 275 basis points more than the London interbank offered rate, depending on the company's leverage ratio, according to the statement. The cost of unborrowed commitments will range between 25 basis points and 50 basis points.

"The expansion and extension of WMS' revolving credit facility reflects our focus on maintaining financial flexibility and a solid capital foundation," said Chief Financial Officer and Treasurer Scott Schweinfurth in the statement. He added that the new line would allow WMS "to pursue opportunities that enhance shareholder value."

JPMorgan Chase & Co. and Bank of America Corp. are co-leads for the syndicate group, according to the statement.