Intralot SA Completes Capital Restructuring For US Intralot Inc

Intralot SA has completed its debt-note and capital restructure, allowing it to expand its financial resources and accelerate the growth of its North American Intralot Inc segment.

The Athens-based gambling technology company reports that it was granted permission to issue fresh debt notes totaling £242 million on August 3rd, which would be kept under the Intralot Inc name.

Intralot was able to transfer and terminate its current 2021 Euro debt-notes worth €247 million as part of the deal, while also receiving an 18 percent discount on future debt obligations.

Intralot Global Holdings BV

Holders of current 2024 debt-notes received 34 percent of shares in Intralot US Securities from holding company Intralot Global Holdings BV, with the exchange carrying a notional value of €118 million.

Intralot Global Holdings will retain 65.73 percent ownership of Intralot Inc, the US unit’s principal management business, following the completion of its new restructuring agreement.

Following Q1 trade results in which its North American assets outperformed the firm’s established European competitors, Intralot’s board of directors stated on July 3 that it will embark on a US-focused recapitalisation campaign.

Intralot reduced its operational losses to €7 million as a result of increased US contracts, while also announcing a steady view for full-year 2021 trade – a positive outcome following the technology group’s back-to-back restructurings.

Achieving goals

Sokratis Kokkalis, the company’s Chairman and CEO, stated: “Today is a historic day for Intralot, achieving its two goals related to its capital structure, to refinance the Notes due September 2021 and to reduce by €163m its total debt liabilities.

“The new capital structure significantly improves the position of the company, and its capabilities to take advantage of new opportunities in the developed markets, based on its strategic planning.

“The entry of significant institutional investors into the share capital of the parent of Intralot, Inc., also expands the company’s capabilities in a competitive and very promising market. I warmly thank all my associates and employees of the company for their contribution to this success.”

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About Joe Kizlauskas

Joe is a seasoned iGaming copywriter and speaker who has been in the business since 2015. He's written more words on all elements of iGaming than he likes to remember, and he's contributed material to a number of well-known brands. Joe may be seen playing 5 a side, at the gym or playing games on his Playstation when he is not writing.