On 21 June, Playtech announced the pricing of its bond offering. The net proceeds from the issuance of the new notes will be used to redeem Playtech’s outstanding €200m 3.7% senior secured notes, which are due in 2023. Additionally, the net proceeds will cover the payment of accrued interest on the 2023 notes and outstanding debt from its revolving credit facility. The net proceeds will also be utilized to settle transaction-related costs and expenses.
Once the outstanding debts from the 2023 notes are repaid, Playtech will only have the 2028 notes and its prior €350m 4.2% senior secured notes due in 2026 as its remaining debt. This follows Playtech’s strong start to 2023, with adjusted earnings before interest, tax, depreciation, and amortization (EBITDA) surpassing initial projections.
Playtech’s recent bond offering aligns with its current financial strategy. In February, Playtech made a CA$12.2m investment in NorthStar Gaming and extended their software and services deal for 10 years. In March, Playtech acquired a minority equity ownership stake in Hard Rock Digital, a gaming and sports betting division of Hard Rock International and Seminole Gaming, for $85.0m. Furthermore, in May, Playtech established a new poker deal with Svenska Spel, enabling Svenska Spel to launch Playtech’s poker offering on its platform.
