Supplier News
Greece – Intralot enters lock-up agreement with noteholders
By Phil - 14 January 2021
Intralot has entered into a lock-up agreement with an ad hoc group of noteholders, holding in excess of 75 per cent of the Є250m senior unsecured notes due 2021, pursuant to which the parties agree to support the balance sheet optimisation transactions.
Members of the Ad Hoc Group also hold in excess of 13 per cent of the Є500m senior unsecured notes due 2024 . The Lock-up Agreement marks an important milestone in the group’s efforts to implement the transactions that will materially deleverage the Group’s balance sheet and enhance its maturity runway and liquidity. This would facilitate the Group to execute its business plan and capitalise on a number of attractive new opportunities across both the lottery and sports betting segments.
The company has also been in discussions with other noteholders about these transactions and intends to continue to do so post execution of the Lock-Up Agreement.
Intralot Chairman and Chief Executive Officer Sokratis Kokkalis, said: “The execution of the binding Lock-up Agreement is the successful result of a comprehensive balance sheet optimisation process launched by the Group. The transactions will significantly improve the Group’s capital structure, and provide a solid foundation to support future growth and deliver long-term value to all stakeholders.
The leadership team would like to thank all of our stakeholders, including our noteholders, creditors, shareholders, employees, and customers, for their commitment and continued support of Intralot throughout the process. We look forward to working together on the next chapter of Intralot’s journey.”
