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NetworkNewsBreaks – Allied Esports Entertainment Inc. (NASDAQ: AESE) Completes $9M Senior Secured Convertible Notes Refinance

Company: Allied Esports Entertainment Inc. (AESE)
Category: News

Allied Esports Entertainment (NASDAQ: AESE), a global esports entertainment company, has successfully refinanced the company’s outstanding short-term debt. According to the update, Allied Esports Entertainment held $14 million of convertible debt obligations on its balance sheet, as of March 31, 2020, which were scheduled to mature on August 23, 2020. As a result of the transactions detailed in the update, Allied Esports Entertainment now holds a principal debt balance of $13 million with maturities ranging 20-24 months from June 8, 2020. “With the completion of these transactions, Allied Esports Entertainment has significantly improved its liquidity position and has now addressed the entire $14 million principal of outstanding debt and $3.7 million of accrued interest scheduled to mature on August 23, 2020,” AESE CEO Frank Ng stated in the news release. “This refinancing will provide the company with additional financial flexibility over the next 18-24 months as we continue to look for ways to optimize our capital in a manner that allows us to better navigate economic uncertainties during the COVID-19 pandemic, while creating value and growth for the future.”

For more information, visit the company’s website at www.AlliedEsportsEnt.com.

About Allied Esports Entertainment

Allied Esports Entertainmentis a global esports entertainment venture dedicated to providing transformative live experiences, multiplatform content and interactive services to audiences worldwide through its strategic fusion of two powerful entertainment brands: Allied Esports International, Inc. (“Allied Esports”) and the World Poker Tour (“WPT”). Allied Esports is an award-winning, innovative esports company with a global network of dedicated esports properties and content production facilities. Its mission is to connect players, streamers and fans around the world through integrated arenas, including its flagship venue, HyperX Esports Arena Las Vegas, its fleet of HyperX Esports Trucks, the HyperX Esports Studio, and affiliate members of the Allied Esports Property Network, which serve as competition battlegrounds and everyday content generation hubs. World Poker Tour is the premier name in internationally televised gaming and entertainment with brand presence in land-based tournaments, television, online, and mobile. WPT ignited the global poker boom in 2002 with the creation of its iconic television show, now in its 18th season, based on a series of high-stakes poker tournaments. ClubWPT.com is a unique online membership platform that offers inside access to WPT.

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