REG - Playtech PLC - Successful refinancing of current debt facilities

PlaytechAnnouncement

12/10/2022 07:00

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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 €530 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 €277 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 €330 million
of the €530 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 €12 million in 2023. The balance of the
outstanding bond will be repaid at maturity, or sooner, taking the total
annualised savings to €20 million. Following the early redemption, Playtech
will have more than €200 million of available cash on its balance sheet.
Playtech's only other material debt obligation is the €350 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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