Spain’s Grupo CIRSA has agreed a new placement to refinance debt arrangements and improve financial liquidity.
Spain.- Grupo CIRSA has announced the agreement of a €615m debt-bond placement, refinancing debt arrangements to help improve financial liquidity. The board has agreed a placement with a 4.5 per cent interest rate to mature from 2027.
The placement, underwritten by BBVA, Barclays, Deutsche Bank, Jefferies and UBS, will be used to refinance a debt-tranche of $495m at 7.8 per cent arranged in 2018. The additional funds will be used for the partial placement of a €663m, 6.25 per cent tranche underwritten by CIRSA’s owner, the private equity fund Blackstone.
CIRSA also confirmed that it has cancelled its options to use a €55m revolving credit facility. The Spanish group has upped its forecast for the year after reporting income of €404m and EBITDA of €110m for H1, reducing operating losses by 45 per cent to €105m.
In Colombia, CIRSA’s Sportium Colombia sportsbook will merge with to merge with the land-based casino subsidiary Winner Group CIRSA, which will create a new online gaming brand that aims to lead omni-channel in the Colombian market.
Earlier this month, Spain’s Consejo Superior del Deporte (CSD), or High Council for Sports, confirmed that all of its syndicated events and competitions will be added to the national gambling regulator DGOJ’s alert system to allow members to track and trace betting irregularities.