Allwyn International has secured a $500m accordion facility underwritten by a ‘syndicate of international banks’.

The $500m facility will be made available to the global lotteries group for a period of six years, as part of the firm’s existing Senior Facilities Agreement (SFA).

Allwyn will use the proceeds to finance its planned investment in Instant Win Gaming, announced in February 2024, to repay outstanding indebtedness, and for general corporate purposes. The transaction noted that the syndicate was formed of new and existing private investors in Allwyn. UniCredit served as the Global Coordinator, with Clifford Chance and Allen & Overy as legal advisors.

The debts from the new accordion facility will be considered equal in priority to the current debts of the company and its UK financing arm, as per the agreement already in place with other creditors.

Securing its new facility, Allwyn is cancelling £188.8m of undrawn credit under a £380.0 million multi-purpose facility available under the Senior Facilities Agreement.

Kenneth Morton, Allwyn CFO, said: “This transaction will support the continued execution of our organic and inorganic growth strategies as well as optimising our cost of capital. I am grateful to our existing lending partners for their continued support and pleased to welcome several new banks to the group.”

https://sbcnews.co.uk/retail/2024/03/26/allwyn-gains-access-to-e500m-accordion-debt-facility/