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Intralot offers to swap 2021 notes for new notes, 2024 notes for stock
By Marisa Wong
Los Angeles, July 1 – Intralot Global Holdings BV has begun an offer to holders of the outstanding €500 million 5¼% senior notes due Sept. 15, 2024 (ISIN: XS1685702794, XS1685704576) issued by Intralot Capital Luxembourg SA to exchange the notes for up to €169.1 million of ordinary shares of Intralot US Securities BV.
The exchange ratio is 289.84 shares per €1,000 principal amount of notes.
The offer is conditioned on the tender of at least €68,176,000 of 2024 notes and on the completion of a concurrent exchange offer being conducted by Intralot, Inc.
Intralot, Inc. is offering to exchange any and all of the outstanding €250 million of 6¾% senior notes due Sept. 15, 2021 (ISIN: XS1405769214, XS1405774727, XS2343365768, XS2343365503) issued by Intralot Capital in exchange for up to $244,585,500 of new senior secured PIK toggle notes.
The exchange ratio is 82%.
If paid in cash, the interest rate on the new notes is 7.09% from the settlement date to but excluding Sept. 15, 2023, 8.19% from Sept. 15, 2023 to but excluding Sept. 15, 2024 and 8.87% from Sept. 15, 2024 onwards.
PIK interest will accrue at a rate of 9.98% from the settlement date to but excluding Sept. 15, 2024 and at a rate of 10.27% from Sept. 15, 2024 until maturity.
At the option of the issuer, interest may be paid in cash, in kind or as a combination of cash interest and PIK interest.
In conjunction with the exchange offer, Intralot Capital is soliciting consents from holders of the 2021 notes to amend some provisions of the notes and the indenture governing those notes.
Tenders of 2021 notes for exchange will automatically count as delivery of consents to the proposed amendments.
The 2021 notes exchange offer is subject to a 90% minimum acceptance threshold and completion of the concurrent Intralot Global exchange offer.
Both offers expire at 11:59 p.m. ET on July 29.
Settlement will be on Aug. 3.
Lucid Issuer Services Ltd. (+44 20 7704 0880, intralot@lucid-is.com Attention: Jacek Kusion / Illia Vyshenskyi) is the exchange agent.
The issuer is a Luxembourg-based subsidiary of the Greek lottery company Intralot, SA.
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