La Française des Jeux : Issuance Focus
Française des Jeux (FDJ) markets for the first time € 1.5bn bonds (WNG), comprising € 500m maturing in 2030, € 500m maturing in 2033 and € 500m maturing in 2036. They will be used to refinance part of the € 2.0bn bridge loan drawn down in October in connection with the acquisition of online gaming operator Kindred. At the same time, FDJ obtained a € 400m term loan maturing in 2029 and will use around € 100m of cash to complete this refinancing. Post-acquisition, we estimate lever...La Francaise des Jeux is a France-based semi-public company that operates lottery and online games. The Company operates under the commercial brand name, FDJ, and provides scratch games, sports betting and draw games via a network of 35,800 points of sale (as of December 31, 2010), including LOTO points of sale, tobacconists and newsagents. The Company's scratch games include 1, 2 and 3 euros games; sports betting include the brand names, ParionsSport and ParionsWeb; and draw-based games include LOTO, Euro Millions, Rapido, Keno and others. The Company is also active in the online poker market with the website Barrierepoker.fr, which is jointly-owned with Groupe Lucien Barriere. The Company owns various subsidiaries, including Pacifique des Jeux and FDJ Developpement for the distribution in French overseas territory; Societe de Gestion de l'Echappee, which manages the Company-sponsored professional cycling team; Francaise de Motivation, Francaise d'Images, Lotsys and LVS.
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