Brightstar Lottery has announced a tender offer for its outstanding 2028 notes.
The move sees the firm extend the timeline of its €500m (£430m) debt from 2028 to 2032 through the issue of new bonds.
It follows a slump in revenue for the NYSE-listed business, which suffered a 7% year-on-year drop in Q2 2026 revenue from $631m to $584m (£432m).
Worryingly, this was heavily impacted by a 20% fall in product sales.
A positive from its Q2 results came in the form of the lowering of its total net debt, which decreased from $5.2bn to $3.8bn.
That figure remains high though, and has been heavily impacted by Brightstar securing an extension to its Italian Lotto licence in an agreement which will run till November 2034.
Through the tender offer, Brightstar will not have to pay off a large sum of the €500m owed in 2028 until 2032.
Investors who hand over their 2028 bonds will receive €990 in cash for every €1,000 of bond value, plus all the unpaid interest they have built up so far.
Further respite for Brightstar
Brightstar will be hoping this encourages potential investors as the business eyes a share price recovery on the New York Stock Exchange, given its stock has fallen by over 26% so far in 2026.
The firm’s stock is now trading at $11.30 and has been on a gradual decline for the past three years.
However, it has shown plenty of resilience. Even in its Q2 results, leadership was positive as adjusted EBITDA increased by $286m – up 4% from the $274m in Q2 2025 in a “better than expected” performance.
Brightstar has also ploughed on in scaling its business, having recently secured a content distribution deal with Fennica Gaming for that operator to expand in Italy. It has also tied down a seven-year contract extension with the Washington Lottery.
This tender offer should come as welcome news for leadership and investors alike as Brightstar gives itself a little more breathing room in what has been a fairly uncertain time for US-listed lottery, gambling and predictions businesses.
