Intralot announced the successful pricing of a seven-year bond loan issue worth 500 million euros, yielding 5.25 pct, to be issued by its subsidiary Intralot Capital Luxembourg SA.
Morgan Stanley acted as global coordinator and joint bookrunner of the issue. More than 170 international investment funds from Europe and North America invested in the bond issue, with bids submitted totaling 1.5 billion euros, three times more than the asked sum. The bonds are guaranteed by Intralot and some of its subsidiaries.
The bonds will be listed for trading in the Euro MTF market of the Luxembourg Stock Exchange. BNP Paribas, Citigroup, Deutsche Bank, Nomura and Societe Generale acted as joint bookrunners.
The proceeds of the bond issue will be used to repay an existing bond loan (ending in 2021 and yielding 6.0 pct), repaying an existing syndicated loan and other fees.
Intralot successfully completed a refinancing program cutting its borrowing cost from 8.25 pct to 5.75 pct and extending average maturity of its debt from 3.5 to six years.