Playtech set to raise more money through bond issue
News on 8 Oct 2018
News on 8 Oct 2018
Online gambling software and games developer Playtech plc has announced a new senior secured notes Euro 530 million bond due in 2023 and carrying a 3.75 percent interest rate.
The proceeds, along with existing company cash, will go toward the repayment of outstanding debt; the acquisition of Italian betting company Snaitech and related expenses such as the redemption of a Snaitech high yield bond.
“Details of the Notes will be set out in the Offering Circular. Application will be made to the Irish Stock Exchange plc trading as Euronext Dublin (“Euronext Dublin”) for the Notes to be admitted to the Official List of Euronext Dublin and to trading on the Global Exchange Market, which is the exchange-regulated market of Euronext Dublin,” a press release from the company advised this week.
“The Notes are expected to settle on 12 October 2018.”
A successful issue will see Playtech’s debt burden decrease to Euro 297 million in senior convertible bonds, which are due next year. Those borrowings are in addition to the new notes. The company additionally has revolving credit of Euro 250 million, currently undrawn.
Our readers may recall that Playtech reaped a harvest of Euro 227 million recently by selling off its 10 percent stake in cfd firm Plus500 Limited.
News on 8 Oct 2018
Online gambling software and games developer Playtech plc has announced a new senior secured notes Euro 530 million bond due in 2023 and carrying a 3.75 percent interest rate.
The proceeds, along with existing company cash, will go toward the repayment of outstanding debt; the acquisition of Italian betting company Snaitech and related expenses such as the redemption of a Snaitech high yield bond.
“Details of the Notes will be set out in the Offering Circular. Application will be made to the Irish Stock Exchange plc trading as Euronext Dublin (“Euronext Dublin”) for the Notes to be admitted to the Official List of Euronext Dublin and to trading on the Global Exchange Market, which is the exchange-regulated market of Euronext Dublin,” a press release from the company advised this week.
“The Notes are expected to settle on 12 October 2018.”
A successful issue will see Playtech’s debt burden decrease to Euro 297 million in senior convertible bonds, which are due next year. Those borrowings are in addition to the new notes. The company additionally has revolving credit of Euro 250 million, currently undrawn.
Our readers may recall that Playtech reaped a harvest of Euro 227 million recently by selling off its 10 percent stake in cfd firm Plus500 Limited.
