Linklaters has advised the underwriters on two recent high yield bond offerings for issuers in the gaming sector.
The firm advised the underwriters on Cirsa’s €700 million senior secured notes offering, the proceeds of which will be used to refinance its outstanding notes due in 2023 and 2025. Cirsa (a Blackstone portfolio company) is one of the leading gaming companies in Spain and Italy, as well as in a number of countries in Latin America. It operates slot machines, casinos and gaming halls and also offers on-line gaming and sports betting products through outlets and betting machines.
Earlier, Linklaters also advised the underwriters of a €300 million senior secured bond offering by Playtech to refinance existing notes due 2023 and repay amounts outstanding under its revolving credit facility. Playtech is a leading supplier of online gambling and financial trading software and solutions. The company is premium listed on the Main Market of the London Stock Exchange.
These transactions add to a broad spectrum of Linklaters mandates for clients across the gaming ecosystem as they pursue opportunities in this dynamic market: from critical investment and financings across the entire investment cycle, to strategic acquisitions of technology and talent and the use of blockchain networks and digital assets, to leveraging their intellectual property.
The Linklaters high yield team advising on these transactions was led by partner Alek Naidenov and included senior associates David Adler and Adriana Perez Cavazos and associate Alex Bednar. The global capital markets team advising the underwriters on Playtech was led by partner Simon Few and included counsel Scott James, senior associate Alexandra Eastwell and associates Chaila Fraundorfer and Natasha Rodricks.
