Multi-national lottery operator Allwyn International has entered into a €500 million accordion facility with a syndicate of international banks.
The banks have committed to provide the company with a €500 million six-year term loan as an accordion facility under its existing senior facilities agreement.
Allwyn will use the proceeds to finance its planned investment in Instant Win Gaming, announced in February, to repay outstanding indebtedness, and for general corporate purposes.
“This transaction will support the continued execution of our organic and inorganic growth strategies as well as optimising our cost of capital,” said Allwyn chief financial officer Kenneth Morton. “I am grateful to our existing lending partners for their continued support and pleased to welcome several new banks to the group.”
The liabilities under the Accordion Facility will rank pari passu with the existing debt of the company and Allwyn Entertainment Financing (UK) plc, under the existing intercreditor agreement.
Concurrent with signing the accordion facility, ALlwyn is cancelling £188.8 million of undrawn commitments under a £380.0 million multi-purpose facility available under the senior facilities agreement.