Stable CIRSA refinances corporate debt bonds  

The board of Grupo CIRSA has announced that it has agreed to terms on a new €615 million debt-bond placement, helping the Spanish gambling group improve its financial liquidity by refinancing its previous debt arrangements.   

The bond placement will carry an annual interest rate of 4.5%, with its maturity clause triggered from 2027 onwards, and has been underwritten by the investment banks of BBVA, Barclays, Deutsche Bank, Jefferies and UBS.

Updating investors, corporate governance informed that the transaction would be used to refinance an existing debt-tranche of $495 million and 7.8% interest, taken out in 2018.   

All additional funds will be used for the ‘partial repayment’ of a €663 million and 6.25% debt tranche underwritten by private equity fund Blackstone as the owner of CIRSA.

Further financial developments saw CIRSA confirm that it had canceled its options to use a €55 million revolving credit facility.

Positive H1 trading saw CIRSA improve its year outlook, as a strong COVID-19 recovery saw the company post a YTD income of €404 million and EBITDA of €110 million – helping the Spanish gambling group reduce its operating losses by 45% to €105 million.

Additionally, CIRSA announced that it had reorganised its Colombian market operations, allowing its Sportium Colombia sportsbook brand to merge with its land-based casino subsidiary Winner Group CIRSA.

The merger will see CIRSA launch a new Colombian igaming brand, aiming to become the marketplace’s leading omni-channel offering.

SBC Awards Latinoamérica shortlists highlight strong competition in the region 188bet secures two top-flight sponsorship arrangements

No Comments

No comments yet

Leave a Reply

Your email address will not be published. Required fields are marked *