Jackpotjoy obtains roughly £388.5 million term loan, revolving facility

By Tali Rackner

Minneapolis, Nov. 27 – Jackpotjoy plc secured a roughly £388.5 million credit facility that includes a £375 million equivalent term loan and a £13.5 million revolving credit facility, according to a Monday filing with the London Stock Exchange.

The seven-year term facility comprises two committed tranches of £250 million and €140 million. It has a weighted average interest rate of Libor plus 491 basis points, with step-downs of an additional 75 bps based on future leverage ratios and credit ratings.

Proceeds will be used to repay the existing first- and second-lien term loans.

The six-year revolver comprises one tranche of £13.5 million and has an interest rate of Libor plus 425 bps, with step-downs.

The facilities are expected to be completed in mid-December, the filing said.

At closing, Jackpotjoy’s annual cash interest payments will be reduced by about a third, or over £9 million in the first year. Pro forma total net leverage (including earn-out obligations) is 3.4 times, in line with the 3.35 times adjusted net leverage reported on Sept. 30.

Macquarie Corporate Holdings Pty Ltd. (U.K. Branch) and Nomura International plc acted as joint arrangers and physical bookrunners.

Jackpotjoy is the London-based parent company of an online gaming group that provides entertainment to a global consumer base through its subsidiaries.

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