Jackpotjoy has secured a c.£388.5m senior secured term and revolving credit facility, comprising a c.£375m equivalent term loan and a £13.5m revolving credit facility. 

Proceeds from the term facility will be used to repay the existing first and second lien term loans.
The term facility comprises two committed tranches of £250m and €140m, has a maturity of seven years and weighted average interest rate of 4.91% above Libor/Euribor, with step downs of an additional 0.75% based on future leverage ratios and credit ratings.

The RCF comprises one tranche of £13.5m and has a maturity of six years and an interest rate of 4.25% above Libor, with step downs. Jackpotjoy said that upon completion of the new facilities (estimated mid-December), the company’s annual cash interest payments would be reduced by approximately a third, or over £9m in the first year.

Pro forma total net leverage (including earn-out obligations) is 3.40x, in line with the 3.35x adjusted net leverage reported at 30 September 2017.