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Playtech to refinance its debts with new credit line
Playtech has acquired a new amended revolving credit line to refinance some of its previous debts.
The iGaming software developer Playtech was recently planning to review over 530 million euros of its secured loans and an ongoing credit line, with both of the facilities being due at the end of the upcoming year. The corporation has decided to refinance those debts with a new 270 million euro amended revolving credit line.
The business will use its existing cash balances to repay over 300 million euros of the 530 million senior secured loans on the 16th of November, in about a month at the time of writing. They stated that this early partial payback will save them over 10 million euros in interest payments in 2023.
The firm’s new line of credit has a mature date in the month of October in 2025. Additionally, it will also offer them an option to extend it by one year.
We are thrilled to have the opportunity to refinance our senior secured debts despite less than ideal borrowing conditions thanks to our excellent financial situation and superb revenue generation capabilities. We are quite pleased that we were able to realize this, and are really ecstatic about the interest payment savings this move has enabled us to make.
commented the chief financial officer of Playtech, Andrew Smith.