Cirsa Group, the major Spanish operator and machine manufacturer, is seeking to raise €500m by issuing unsecured eight-year notes.
Deutsche Bank is handling the refinancing, which represents a major milestone in Cirsa’s ongoing capital structural optimisation and will permit it to lower financing costs, among other advantages.
Cirsa’s principal business is 29 per cent in Spain itself, 23 per cent in Argentina, 18 per cent in Panama, 16 per cent in Colombia, eight per cent in Italy and five per cent in Mexico. The company, founded in 1978, is a leading gaming company controlled by Manuel Lao Hernandez, the founder and principal shareholder.
It operates slots and AWPs in casinos, arcades and bingo clubs in Spain and online gaming under a joint venture with Ladbrokes named Sportium. Its Spanish and Italian business represent 37 per cent of its EBITDA, with the rest coming from Latin America. The group had operating revenues of €1.4bn in 2014 and EBITDA of €328m.
Cirsa refinanced part of its existing notes with the new eight-year note due to expire in 2023, the refinancing coming on the back of a strong operating and financial performance in 2014.
