INTRALOT successfully prices 7-year, €500 million senior notes

Business News

INTRALOT S.A. Integrated Lottery Systems and Services today announced the successful pricing of an offering of €500 million, 7-year Senior Notes due 2024 with a coupon of 5.25%, (the “Notes”), to be issued by its indirect subsidiary INTRALOT Capital Luxembourg S.A., a public limited liability company (société anonyme) incorporated under the laws of the Grand Duchy of Luxembourg. Morgan Stanley acted as Sole Global Coordinator and Joint Bookrunner in the transaction.

More than 170 international institutional investors from Europe and North America participated in the Offering which was 3x oversubscribed with tenders exceeding €1.5 billon. Due to a strong international market performance, the originally planned offering size of €450 million was upsized by €50 million. The Notes were offered at an issue price of 100.000% and guaranteed by INTRALOT S.A. (the “Parent Guarantor”) and certain of its subsidiaries.

The Notes are expected to be admitted to trading on the Luxembourg Stock Exchange’s Euro MTF market. BNP PARIBAS, Citigroup, Deutsche Bank, Nomura and Societe Generale acted as Joint Bookrunners.

The proceeds from the offering of the Notes will be used to fully redeem the Issuer’s existing 6.00% senior notes due 2021, repay the outstanding syndicated facilities, pay fees and expenses related thereto and to the offering and for general corporate purposes.

This offering successfully concludes a debt reprofiling process initiated in early 2014 which has reduced INTRALOT’s funding cost from 8.25% to 5.75% with a simultaneous extension of average debt life from 3.5 to 6 years.

Mr. Antonios Kerastaris, INTRALOT Group Chief Executive Officer, stated:

“With today’s pricing of our bonds the debt markets reaffirmed, in the most emphatic manner, their trust in INTRALOT and its long term prospects. An impressive transformation of INTRALOT’s debt profile has been concluded today, in terms of size, pricing and maturity. We are particularly pleased by the great demand and caliber of investors who signed up today and thank them for their massive and long term pledge of confidence in our company.

We will continue, with an unwavering commitment to INTRALOT’s growth, based on our people and products, in the direction of innovation and progress, creating value for our customers and shareholders.”