GCA provides cash access products and services to approximately 70 percent of the gaming establishments in the United States, Canada, the Caribbean, and the United Kingdom. GCA's products and services allow gaming patrons to access funds through a variety of methods, including credit card cash advances, point-of-sale, or POS, debit card transactions, ATM withdrawals, check cashing transactions and money transfers. GCA also owns Central Credit, which is recognized in the gaming industry as the premier resource for underwriting patron credit decisions, or markers.
Banc of America Securities LLC acted as the exclusive financial adviser to M & C International in connection with the repurchase and recapitalization transactions. Banc of America Securities LLC also acted as sole lead arranger and sole book running manager for GCA's $280 million senior secured credit facility and as sole bookrunning manager for GCA's $235 million senior subordinated notes offering.
"We commend Banc of America Securities LLC for the fantastic job they did in facilitating the recapitalization of the company," said Kirk Sanford, President and CEO of GCA.
GCA provides a broad array of cash access products and services at approximately 960 gaming establishments. The company has contracts with a majority of the top gaming operators, including Harrah's Entertainment, Caesars Entertainment, Mandalay Resort Group, Boyd Gaming Corporation, Foxwoods Resort Casino, Mohegan Sun, Trump Hotels and Casino Resorts, Station Casinos as well as three of the top four gaming operators in the United Kingdom.
From 2000 to 2003, the company's revenues grew at a compounded annual growth rate of 13.8 percent, which compared favorably to the estimated 5.6 percent compounded annual growth rate in total U.S. gaming revenues during such period.
About Global Cash Access
Las Vegas-based Global Cash Access (GCA) is the global leader in providing cash access and customer relationship marketing services to approximately 960 gaming properties and other clients in the United States, Canada, Caribbean and Europe. GCA is widely recognized for successfully developing and deploying technological innovations that increase client profitability, operational efficiency and customer loyalty.
GCA's senior subordinated notes were not and have not been registered under the Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.