Elbow has announced at midnight that it has reached an agreement with the bondholders for the concession of new financing amounting to 250 million euros by issuing super senior bonds maturing in September 2023 and issued in two tranches. The company is up more than 4% on Tuesday after shooting more than 16%.
The company will issue the bonds in two tranches, initial one worth 85 million destined to provide liquidity to the company until its closing, and an additional one for the amount of 165 million which will be offered to bondholders for subscription. The 165 million will go to the refinancing of the revolving credit agreement granted to Codere, currently in force, and to provide additional financing at the closing of the operation.
In consideration, the sports betting group has successfully a two-year extension to maturity of existing bonds, until November 1, 2023, and an increase in its interest rate, based on a mandatory part with cash payment to 4.50% and, at the issuer's choice, a complementary part with cash payment (from 5 % for bonds in euros and 5.875% for bonds in dollars) or with payment in kind (6.25% for the former and 7.125% for the latter).
The bondholders who avail themselves of the operation will be entitled to receive acceptance commissions, subject to the implementation of the operation, which will start on the 20th with the anticipated one and on the 27th with the acceptance one, and will be, in both cases, equivalent to 0 , 5% of the principal amount of the existing bonds owned by it.
The deal It has been reached with holders of guaranteed senior bonds amounting to $ 300 million. (264.38 million euros), with an interest rate of 7.625% and maturity in 2021, and for an amount of 500 million euros, with an interest rate of 6.750% and maturity in 2021.
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