It’s been reported that Playtech has successfully refinanced their current debt facilities.
The successful refinancing of Playtech’s current debt facilities is a major victory for the company.
The company has been engaged in a comprehensive review of options to refinance its €530m ($514.3 million) senior secured notes and the RCF, which both mature by end-of Q4 2022 this year.
Playtech has now entered into an amended €277m RCF until October 2025, with the option of a further one-year extension.
“Playtech has announced that it will be redeeming €330 million worth of senior secured notes due to mature in October 2023. The company explained, ‘We are giving notice to repay this debt at par.'”
“This exciting project will generate immediate cash flow savings of €12 million by cancelling a portion the bond early. These funds can be used for other investments with even higher returns, which is why we expect this decision to have no negative impact on our company’s bottom line!
“Playtech has more than €200m in available cash and only one principal debt obligation, which is worth 350 million euros.”
It is not easy to finance a company in these difficult times. Playtech has done so successfully by using its strong balance sheet and high cash generation from operations, which allowed the firm carry out this refinancing despite challenging debt market conditions
“It is pleasing to have achieved this result and spared ourselves from incurring significant interest expenses.
Playtech has seen a significant increase in revenue for the six months ended 30 June 2022, up 73% from last year. For more information about this innovative gaming company check out their website.
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