Last week Friday, 5 October 2018, Playtech reported to the media that it has managed to successfully price a substantial sum of senior secured notes, or bond notes.
The online casino software provider has released approximately €530 million (NZ$946.8 million) worth of bond notes at 3.7% and will be expiring sometime in 2023. Read on and learn more about this interesting offer by Playtech.
How the Bond Notes Work
The bond notes will be given a rating of BB by the European Standard and Poor Global Rating branch in the UK, and will also get a rating of the Ba2 from a company called Moody’s Investors Services. The profits, together with Playtech’s current cash, will be used to repay the outstanding amount of the bridge facility. Also, some part of it will be used to acquire Snaitech, a company based in Italy. Lastly, the funds will also cover the renovation expenses of the high-yield Snaitech issued bond notes, as well as other costs that will be related to this acquisition.
According to the report made by the casino software provider on Friday, Playtech will be submitting the necessary applications to the Irish Stock Exchange. They will be trading as ‘Euronext Dublin’ for the bonds to be submitted to the official list on the Global Exchange Market. The bond notes are expected to settle on 12 October 2018.
After they are issued, the online gaming provider will now only owe about NZD$342.26 million (in senior convertible bonds) due sometime next year. Playtech is one of the leading online gaming software providers. It has 140 licenses and currently operates in 17 countries worldwide. It is without a doubt they will manage to raise and pay the outstanding borrowings.
Will all this have an impact on the gambling experience at Playtech Casinos? So far, this remains unclear. At Kiwi Casinos, we will do all we can to keep you all posted on the latest arrangements regarding this matter.