Playtech PLC Successful refinancing of current debt facilities (5606C)
October 12 2022 - 2:00AM
UK Regulatory
TIDMPTEC
RNS Number : 5606C
Playtech PLC
12 October 2022
Playtech PLC
('Playtech' or the 'Company')
Successful refinancing of current debt facilities
As outlined in the Company's Interim Results, announced on 22
September 2022, Playtech has been engaged in a comprehensive review
of options to refinance the EUR530 million senior secured notes and
the Company's revolving credit facility ("RCF"), both of which
mature in Q4 2023. Playtech is now pleased to announce that it has
entered into an amended EUR277 million RCF until October 2025, with
a further one-year extension option.
Given its strong balance sheet and cash generation, Playtech
also announces that it is serving notice to redeem at par on 16
November 2022 EUR330 million of the EUR530 million senior secured
notes due to mature in October 2023. This will be funded using
current cash balances with the amended RCF expected to remain
undrawn following the early redemption. This will result in cash
interest savings of approximately EUR12 million in 2023. The
balance of the outstanding bond will be repaid at maturity, or
sooner, taking the total annualised savings to EUR20 million.
Following the early redemption, Playtech will have more than EUR200
million of available cash on its balance sheet. Playtech's only
other material debt obligation is the EUR350 million senior secured
notes maturing in 2026.
Andrew Smith, Chief Financial Officer said, "The combination of
Playtech's strong balance sheet and the high cash generation from
its operations have enabled the Company to carry out this efficient
refinancing, in spite of challenging debt market conditions. We are
pleased to have achieved this result, and to have made the
significant interest savings that otherwise could have been
incurred."
- ENDS -
The information contained within this announcement is deemed to
constitute inside information as stipulated under the Market Abuse
Regulations (EU) No. 596/2014. Upon the publication of this
announcement, this inside information is now considered to be in
the public domain.
For further information please contact:
Playtech plc
Chris McGinnis, Deputy CFO &
Director of Investor Relations
Headland (PR adviser to Playtech)
+44 (0) 2038054822
Lucy Legh, Stephen Malthouse
About Playtech
Founded in 1999 and premium listed on the Main Market of the
London Stock Exchange, Playtech is a technology leader in the
gambling and financial trading industries with over 6,700 employees
across 26 countries.
Playtech is the gambling industry's leading technology company
delivering business intelligence driven gambling software,
services, content and platform technology across the industry's
most popular product verticals, including, casino, live casino,
sports betting, virtual sports, bingo and poker. It is the pioneer
of omni-channel gambling technology through its integrated platform
technology, Playtech ONE. Playtech ONE delivers data driven
marketing expertise, single wallet functionality, CRM and
responsible gambling solutions across one single platform across
product verticals and across retail and online.
Playtech partners with and invests in the leading brands in
regulated and newly regulated markets to deliver its data driven
gambling technology across the retail and online value chain.
Playtech provides its technology on a B2B basis to the industry's
leading retail and online operators, land-based casino groups and
government sponsored entities such as lotteries. Playtech directly
owns and operates Snai, the leading sports betting and gaming brand
across online and retail in Italy.
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END
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