Athens-listed lottery and gaming company Intralot SA has agreed commitments worth €660 million in new debt facilities, which will be used to finance its acquisition of Bally’s International Interactive and restructure part of its existing balance sheet.
Debt structure and refinancing
The funding package is made up of a €460m six-year senior secured term loan from institutional lenders and a €200 million four-year amortising term loan from a consortium of Greek banks. Proceeds will go towards the Bally’s International Interactive purchase and the repayment of certain existing borrowings.
Bondholders in September approved amendments that will allow Intralot’s €130 million retail bond to remain outstanding once the acquisition closes. The company added that it may later access debt capital markets to refinance loans initially arranged with international banks.
In July 2025, Intralot signed a definitive agreement with Bally’s Corporation to acquire its international interactive operations. The transaction marks a significant expansion of Intralot’s digital and gaming portfolio and underlines the company’s strategy of increasing its exposure to online markets.
Half-year performance
The financing announcement follows Intralot’s half-year results for 2025, released in August. Revenue for the six months to June rose 1.7% year-on-year to €168 million. Operating income strengthened, with EBIT up 8.5% to €25 million, while net income came in near breakeven at (€0.1m). Free cash flow improved sharply to €43.5 million, and adjusted net debt was reduced by €52.7 million to €303 million, bringing leverage down to 2.3x.
Intralot Chairman Sokratis Kokkalis said the results “reflect stable financial performance in revenue and profitability, strengthened cash flows, and a significant reduction in debt. We are entering a transformative era that will redefine our global presence through strategic acquisitions and innovation.”