Clifford Chance has advised lottery operator Allwyn on its EUR 1.3 billion issuance of senior secured notes. Allen & Overy advised the initial purchasers.
According to Allen & Overy, the issued notes consist of EUR 665 million in senior secured notes due 2030 and USD 700 million in senior secured notes due 2029.
"Allwyn will use the net proceeds from the issuance of the notes to redeem existing notes, repurchase preferred shares issued by its parent company, Allwyn AG, and repay certain drawings under its revolving credit facility and for general corporate purposes," Clifford Chance informed.
Allwyn operates lotteries in European countries, including Austria, the Czech Republic, Greece, Cyprus, Italy, and the UK, in addition to operating the Illinois Lottery in the US under a private management agreement.
Clifford Chance previously advised Allwyn on its senior facilities agreement with a syndicate of international banks (as reported by CEE Legal Matters on November 28, 2022).
The Clifford Chance team was led by Partner Milos Felgr and included Senior Associate Hana Cekalova and Associate Tomas Kubala.
The Allen & Overy team included Prague-based Partner Petr Vybiral and Associate David Mikyska, as well as lawyers from the firm’s London office.