Playtech shores up borrowings with EUR 350m notes issue

Playtech has successfully priced €350m (£300.57m) in 4.25% senior secured notes due 2026, it announced on Friday, with the new notes being assigned an issue rating of ‘BB’ by S&P and ‘Ba2’ by Moody's.

The FTSE 250 company said the net proceeds of the issue would be used to redeem on maturity all of the then-outstanding €297m senior convertible bonds due in November, as well as to pay accrued interest thereon, with the remainder used for general corporate purposes.

“Following the issue of the new notes and redemption of the convertible bonds, the group's only material outstanding borrowings in addition to the new notes will be the €530m 3.75% senior secured notes due 2023,” the Playtech board said in his statement.

“Playtech also maintains a €272m revolving credit facility, which is currently undrawn.”