Playtech PLC - Isle of Man-based gambling software - Enters amended €277 million revolving credit facility until October 2025, with a further on-year extension option. The company has been reviewing its €530 million senior secured notes and its revolving credit facility, both of which mature in the fourth quarter of 2023. Also plans to redeem €330 million of the €350 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 €12 million in 2023. Adds that the remaining balance will be repaid at maturity, or sooner, taking annualised savings to €20 million.
Chief Financial Officer Andrew Smith says: ‘The combination of Playtech’s strong balance sheet and the high cash generation from its operations have enabled the company to carry out this efficient refinancing, in spite of challenging debt market conditions. We are pleased to have achieved this result, and to have made the significant interest savings that otherwise could have been incurred.’
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