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Allen & Overy Advises Banks on EUR 300 Million High Yield Bond Offering of Sazka Group

Allen & Overy Advises Banks on EUR 300 Million High Yield Bond Offering of Sazka Group

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Allen & Overy has advised J.P. Morgan, HSBC, Societe Generale, UniCredit, Erste Group, and J&T BANKA as initial purchasers of the EUR 300 million 3.875% Senior Notes due 2027 issued by the Sazka Group and guaranteed on a senior basis by subsidiary Sazka Czech. Milbank reportedly acted as the international and New York law counsel for Sazka, with Clifford Chance reportedly advising it on Czech law aspects.

The Sazka Group is a European lottery company operating in Austria, Cyprus, the Czech Republic, Greece, and Italy. According to Allen & Overy, “the transaction followed a successful entry by the Sazka Group to international capital markets in November 2019, when the company issued its first high yield bond worth EUR 300 million, bearing a fixed coupon of 4.125% due in 2024. The proceeds from the issuance will be used primarily for repayment and cancellation of certain debts of the issuer and its subsidiaries.”

Allen & Overy’s London-based team was led by Partner Jeanette Cruz and included Associates Khalid Alyafi, Luke Sperduto and Katrien Wilmots. The firm's team in Prague included Counsel Petr Vybiral and Associate Tomas Kirner.

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