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Share Price: 485.50

Bid: 482.00

Ask: 483.00

Change: -3.50 (-0.72%)

Spread: 1.00 (0.207%)

Open: 499.50

High: 499.50

Low: 479.50

Prev. Close: 489.00

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Playtech agrees amended credit facility

Wed, 12th Oct 2022 07:52

(Sharecast News) - Gambling software maker Playtech said it had agreed an amended €277m revolving credit facility until October 2025, with a further one-year extension option.

The company added that it was serving notice to redeem at par €330m of the €530m senior secured notes due to mature in October 2023, with the redemption to take place on November 16.

"This will result in cash interest savings of approximately €12m in 2023. The balance of the outstanding bond will be repaid at maturity, or sooner, taking the total annualised savings to €20m," Playtech said.

Following the early redemption, Playtech will have more than €200m of available cash on its balance sheet.

Reporting by Frank Prenesti for Sharecast.com

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IN BRIEF: Playtech amends credit facility making cash interest savings

Playtech PLC - Isle of Man-based gambling software - Enters amended EUR277 million revolving credit facility until October 2025, with a further on-year extension option. The company has been reviewing its EUR530 million senior secured notes and its revolving credit facility, both of which mature in the fourth quarter of 2023. Also plans to redeem EUR330 million of the EUR350 million senior secured notes on November 16. Says this will be funded using current cash balance, with the amended revolving credit facility to remain undrawn. Expects this will result in cash interest savings of around EUR12 million in 2023. Adds that the remaining balance will be repaid at maturity, or sooner, taking annualised savings to EUR20 million.

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