Intralot SA has secured a final settlement on its debt-note and capital restructure, undertaken to strengthen its financial resources and speed growth into the US marketplace.
The Athens-listed gambling technology group reported that on 3 August, it was allowed to issue new debt-notes totalling £242m, which will be maintained under the Intralot Inc domain.
The transaction means Intralot can transfer and terminate the existing 2021 Euro debt attached to it totalling €247m. Additionally, the company has secured an equivalent 18% discount on all future debt repayments.
Further capital restructuring saw holding company Intralot Global Holdings BV transfer 34% of shares in Intralot US Securities to holders of existing 2024 debt-notes, with the exchange carrying a nominal value of €118m.
Completing its new restructuring agreement, Intralot Global Holdings will retain 65.73% control of Intralot Inc, operating as the US unit’s main management company.
The board of Intralot announced that it would undertake a US-focused recapitalisation plan on 3 July, following Q1 trading results in which its North American assets had outperformed the firm’s established European counterparts.
Growth of US contracts saw Intralot reduce group operating losses to €7m, as the company reported a stable outlook for full-year 2021 trading – marked as a positive outcome following back-to-back restructurings undertaken by the technology group.
Chairman and CEO Sokratis Kokkalis commented: “Today is a historic day for Intralot, achieving its two goals related to its capital structure, to refinance the Notes due September 2021 and to reduce by €163m its total debt liabilities.
“The new capital structure significantly improves the position of the company, and its capabilities to take advantage of new opportunities in the developed markets, based on its strategic planning.
“The entry of significant institutional investors into the share capital of the parent of Intralot, Inc., also expands the company’s capabilities in a competitive and very promising market. I warmly thank all my associates and employees of the company for their contribution to this success.”