Playtech prices €530 million senior secured notes offering

Maria Nikolova

The net proceeds of the issue will be used to repay amounts outstanding under the bridge facility used for the acquisition of Snaitech S.p.A.

Playtech PLC (LON:PTEC) has earlier today announced the successful pricing of €530 million 3.75 % senior secured notes due 2023. The Notes are expected to be assigned on issue a rating of BB by S&P Global Ratings Europe Limited, UK Branch and Ba2 by Moody’s Investors Service Ltd.

The company explained that the net proceeds of the issue of the Notes, along with Playtech’s existing cash resources, will be used to repay all amounts outstanding under the bridge facility utilised for the acquisition of Snaitech S.p.A., to fund the redemption of the outstanding high-yield bonds issued by Snaitech and to pay for other transaction-related costs and expenses.

Application will be made to the Irish Stock Exchange plc trading as 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. 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, the Group’s only material outstanding borrowings in addition to the Notes will be the €297 million senior convertible bonds due 2019. Playtech also maintains a €250 million revolving credit facility which is currently undrawn.

Banco Santander, S.A., NatWest Markets Plc, UBS Limited, and UniCredit Bank AG are acting as joint bookrunners on the transaction. The Governor and Company of the Bank of Ireland and Goodbody Stockbrokers UC are acting as co-managers on the transaction.

About a month ago, Playtech announced the disposal of its entire holding in online trading firm Plus500 Ltd (LON:PLUS). On September 7th, Playtech said it had sold its entire holding of approximately 11.4 million ordinary shares in Plus500 at a price of 1,550 pence per ordinary share. Thus, Playtech realized gross proceeds of approximately £176 million (equivalent to approximately €196 million at the time the announcement was made).

Playtech explained back then it will use the proceeds for general corporate purposes and debt reduction.

Read this next

Retail FX

Weekly Roundup: Funded Trader closure, Coinbase adds Apple Pay

Welcome to this week’s roundup, where we delve into the latest developments in the Forex, Fintech, and cryptocurrency markets. Stay ahead of the curve with our comprehensive overview of the week’s most impactful events and trends across these dynamic sectors.

blockdag

Presale Rush: BlockDAG Outshines Furrever Token and DeeStream Presales with 20,000x ROI Potential, Raising Over $16.4M

Discover April 2024’s presale hits, as BlockDAG, Furrever Token, and DeeStream Presales battle it out. Which will explode in 2024?

Digital Assets

Shakeeb Ahmed gets three-year sentence for hacking Nirvana, Crema

A New York court has sentenced computer security engineer Shakeeb Ahmed to three years in prison for conducting flash loan attacks on decentralized cryptocurrency exchanges in 2022, marking the first-ever conviction for a breach involving smart contracts.

Digital Assets

TON Foundation teams up with HashKey on fiat access for Telegram Wallet

The TON Foundation, a collective of developers behind The Open Network (TON) blockchain, has entered into a strategic partnership with digital asset financial services firm HashKey Group.

blockdag

BlockDAG aka Kaspa’s Toughest Competitor Releases DAGpaper, Lightes Up The Las Vegas Sphere Pulling Shiba Inu Investors & Amassing $16.4M in Presale

BlockDAG, emerging as a Kaspa competitor, unveils its DAGpaper, spotlighting the Las Vegas Sphere and captivating Shiba Inu investors with a $16.4M presale success.

Fundamental Analysis

Global FX Market Summary: USD, ECB, Gold, Oil  April 12 ,2024

A strong US economy, cautious Fed policy compared to Europe, and safe-haven demand are all fueling the surge of the US Dollar.

Digital Assets

Thai crypto exchange Bitkub eyes $3 billion valuation

Thailand’s largest cryptocurrency exchange Bitkub is gearing up for a public offering next year with a potential valuation of up to $3 billion, according to Bitkub Capital Group CEO Jirayut Srupsrisopa.

Technical Analysis

GBPUSD Technical Analysis Report 12 April, 2024

GBPUSD currency pair can be expected to all further toward the next support level 1.2400, target price for the completion of the active minor impulse wave.

Market News

Navigating Currency Trends: Extensive Analysis on EUR/USD Signal

Traders Union provides comprehensive daily analysis and signals for EUR/USD.

<