S&P ups Odyssey Europe

S&P said it raised Odyssey Europe Holdco Sarl’s rating to CCC+ from CCC.

Odyssey extended the maturity on its €200 million of senior secured notes by two years to Dec. 31, 2025, and repaid and canceled its €25 million revolving credit facility.

Sponsor Berkeley Research Group injected €25 million of new equity into Odyssey to repay and cancel the outstanding and fully drawn €25 million revolver. BRG contributed online betting operation Olybet and operations in Lithuania and Croatia (the three businesses) to Odyssey, S&P said.

“We estimate that the three businesses generated around €86 million of pre-tax combined gross gaming revenue (GGR) and company-adjusted EBITDA of approximately €26 million in 2021. Including those figures, pro forma S&P Global Ratings-adjusted debt to EBITDA falls to 8.5x-9x, from 50.4x, in fiscal 2021, while cash on balance is €45 million (at year end 2021), which we deem adequate in the absence of a RCF,” the agency said in a press release.

The outlook is positive.

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