Keystone Law’s structured finance and debt capital markets partner Prashanth Satyadeva has advised Playtech plc on the issuance of €300 million 5.875% senior secured notes due in 2028.

The new notes have assigned an issue rating of BB by S&P Global Ratings UK Ltd and Ba2 by Moody’s Investors Service Ltd and are admitted to the Official List of Euronext Dublin and to trading on the Global Exchange Market.

Playtech plc, a software provider to the global gambling industry, is a FTSE 250 company and is the world’s largest online gaming software supplier traded on the London Stock Exchange Main Market.

The proceeds of the new notes will be used to redeem all of the outstanding €200 million 3.75 per cent. senior secured notes due 2023, pay outstanding debt under its revolving credit facility and for general corporate purposes.

Prashanth led the Keystone team acting as Issuer’s counsel.

Alex Latner, General Counsel at Playtech plc, said:

“The Keystone team were committed, diligent and provided pragmatic advice throughout the process. Keystone’s support allowed this time intensive transaction to progress seamlessly.”

Prashanth Satyadeva said:

“It was brilliant working with the Playtech team on a significant transaction for the company. I look forward to seeing the company continue to grow and develop as market leader in the industry.”

Linklaters represented Citigroup NatWest Markets, Santander Corporate & Investment Banking and UniCredit as Joint Bookrunners. Local counsel in Cyprus, Isle of Man, Italy, and Malta were also involved.

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