Intralot Group on Thursday announced that it has entered into a lock-up agreement with an ad hoc group of noteholders, holding in excess of 75 pct of the 250 million euros senior unsecured notes due 2021, pursuant to which the parties agree to support the balance sheet optimisation transactions.
Members of the bondholders group also hold in excess of 13 pct of the 500 million euros senior unsecured notes due 2024. The Lock-up Agreement marks an important milestone in Intralot’s efforts to implement the transactions that will materially deleverage its balance sheet and enhance its maturity runway and liquidity. This would facilitate the Group to execute its business plan and capitalise on a number of attractive new opportunities across both the lottery and sports betting segments. The company has also been in discussions with other noteholders about these transactions and intends to continue to do so post execution of the Lock-Up Agreement.
Intralot Chairman and Chief Executive Officer Sokratis Kokkalis, said: “ The execution of the binding Lock-up Agreement is the successful result of a comprehensive balance sheet optimisation process launched by the Group. The transactions will significantly improve the Group’s capital structure, and provide a solid foundation to support future growth and deliver long-term value to all stakeholders. The leadership team would like to thank all of our stakeholders, including our noteholders, creditors, shareholders, employees, and customers, for their commitment and continued support of Intralot throughout the process. We look forward to working together on the next chapter of Intralot’s journey.”