In today's Morning Views publication we comment on developments of the following high yield issuers: Lottomatica (formerly Gamenet), Rexel, Nexans, Liberty Global, Sunrise, Aston Martin, Techem, Synlab, evoke (formerly 888 Holdings), Boparan, Borr Drilling, PureGym
Five months after its latest FRN issuance, Gamenet is returning to the markets with a similar new offering of € 225m to refinance the acquisition of Goldbet announced in July, a deal likely to help it become Italy's leading sports betting company and a more relevant player in the fast-growing online segment. Although entirely financed by debt, the acquisition of Goldbet was well perceived by markets and ratings agencies, given its fairly low cost (4.4x EBITDA and 3.9x after cost ...
Five months after its latest FRN issuance, Gamenet is returning to the markets with a similar new offering of € 225m to refinance the acquisition of Goldbet announced in July, a deal likely to help it become Italy's leading sports betting company and a more relevant player in the fast-growing online segment. Although entirely financed by debt, the acquisition of Goldbet was well perceived by markets and ratings agencies, given its fairly low cost (4.4x EBITDA and 3.9x after cost ...
Gamenet, Italy’s No. 3 gaming firm, reported good 2Q18 results with stable sales yoy at €148m and EBITDA up 9% yoy to €21m, giving a 14.5% LTM margin as of June 2018 against 13.2% as of December 2017. Once again, Gamenet has adjusted its sport betting payout (winnings returned to players), lowering it to 80.3% during the quarter from 85.7% last year, to mitigate the impact from the tightening of regulation on gaming machines initiated in May 2017.
Gamenet, Italy’s No. 3 slot operator, has reported mixed 1Q18 results. Sales came in at €149m, down 4% yoy, but EBITDA jumped to €23m from €17m last year. The top line was dragged down by gaming machines (82% of sales) , down 10% yoy, due to the higher taxes implemented in May 2017.
Gamenet is roadshowing €225m of 5NC1 senior secured FRNs until Thursday, with proceeds earmarked to refinance its unique bonds, the €200m senior secured fixed-rate notes due 2021, at call price of 103. This is the second time that the Italian firm has set out to refinance, after the changes made in 2016. Net leverage will remain broadly unchanged at 2.1x post-deal (against 2.0x pre) while we estimate the transaction to entail some €2m of interest expense savings compared to the €17m spent last y...
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