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.

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