Clifford Chance has advised Allwyn on its new senior facilities agreement with a syndicate of international banks. Allen & Overy advised the lenders, including UniCredit Bank Czech Republic and Slovakia, on the deal.
Allwyn is a lottery operator. It is set to become the operator of the UK National Lottery from February 2024.
According to Clifford Chance, “lenders under the senior facilities agreement have committed to providing funding in an aggregate amount of EUR 1.6 billion split across EUR 441 million of amortizing term loans due 2027, EUR 441 million of bullet term loans due 2028, a EUR 300 million revolving credit facility due 2027, and a GBP 380 million multipurpose facility available to be drawn as guarantees or term loans maturing in 2027.”
“Allwyn International will use the proceeds primarily to refinance existing indebtedness including its EUR 623 million syndicated loan (including the EUR 243 million revolving credit facility), its GBP 380 million bank guarantee facility, and up to EUR 300 million of other indebtedness, provide term financing for upfront costs ahead of the start of the UK’s Fourth National Licence in February 2024, and fund its general corporate purposes including shareholder distributions and acquisitions,” Clifford Chance informed.
According to Allen & Overy, “the facilities are documented under a facilities agreement, which is incorporated into the existing financing structure of Allwyn through the accession of the lenders under the facilities to the existing inter-creditor agreement.”
Earlier this year, Clifford Chance advised Allwyn on its NYSE public listing (as reported by CEE Legal Matters on February 7, 2022).
Clifford Chance’s team included Prague-based Partner Milos Felgr, Senior Associate Vladimir Rylich, and Associate Tomas Kubala, as well as London-based Partner Nicholas Kinnersley and Associate Alexandra Martin.
Allen & Overy's team included Prague-based Partner Petr Vybiral and Associate Josef Pavlicek as well as London-based Partner Jan Skuhravy and Senior Associates Ryan Sarsfield and Jana Marsalkova.