Omni-channel gaming software and services supplier Playtech has announced it has successfully priced €530m of senior secured notes at 3.75 per cent, becoming due in 2023.
The bonds are expected to be assigned a BB rating by S&P Global Ratings Europe and Ba2 by Moody’s Investors Service.
The net proceeds of the notes issue, together with Playtech’s existing cash, will be used to repay the outstanding amount under the bridge facility used to acquire Snaitech. The funding will cater for the redemption of the outstanding high-yield bonds issued by Snaitech and pay for other transaction-related costs and expenses.
An application will be made to the Irish Stock Exchange, trading as Euronext Dublin, for the notes to be admitted to the official list to trade on the Global Exchange Market. The notes are expected to settle on October 12, 2018.
Following the issue of the notes and the related redemption of Snaitech's high-yield bonds, Playtech’s only material outstanding borrowings in addition to the notes will be the €297m in senior convertible bonds, due in 2019. Playtech also maintains a €250m revolving credit facility, which is currently undrawn.
