Keystone Law advises Playtech on €350 million high yield bond issuance

Keystone Law has advised Playtech plc, the FTSE 250-listed gambling technology company, on its successful issuance of €350 million senior secured high yield bonds due 2031.

The transaction was led by Keystone partner Prashanth Sayadeva, supporting Playtech in strengthening its capital structure and refinancing existing debt.

The bonds, which have been assigned ratings of Ba2 by Moody’s and BB- by S&P, will be used primarily to redeem Playtech’s existing bonds due 2028, on which Keystone Law also advised. The proceeds will also cover accrued interest and the redemption premium, with the remaining funds retained for general corporate purposes.

The Joint Bookrunners on the transaction were Citigroup, NatWest, Santander Corporate & Investment Banking, and MUFG, with Allied Irish Banks (GB) acting as Co-Manager. The banking group was represented by Linklaters LLP.

Playtech is one of the gambling industry’s leading technology companies, providing business intelligence-driven gambling software, services, content and platform technology across key product verticals including casino, live casino, sports betting, bingo and poker. The business serves more than 200 gambling operators across over 50 regulated markets worldwide.