Bondholders of Codere SA will take control of the business as part of a deal to restructure its debt for the second time since the beginning of the pandemic.
The Madrid-based company reached an agreement with a group of creditors to convert about 350 million euros ($422 million) of debt into equity, according to a filing on Thursday. Bondholders will provide 225 million euros of new funds to boost Codere’s liquidity.
The gaming group has been heavily hit by Covid-19, as most of its sites in Spain, Italy and Latin America have either closed or operated with restrictions since March last year. Losses rose to 237 million euros in 2020, up from 67 million euros a year earlier.
The firm already extended the maturity of its debt and raised new super-senior debt in the summer to counter the negative impact of site closures.
As part of the new deal, almost half of its existing senior debt will be converted into equity. The remainder will be partially amended or converted into subordinated notes that pay interest with more debt. The new financing includes a new 100 million-euro loan, and 125 million euros of super senior notes.
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The deal needs support from more than 75% of bondholders. If completed, Codere will transfer operations to a new holding company, of which bondholders will control 95%.
Codere’s 500 million euros of senior secured notes were up 2 cents on the euro to almost 58 cents on Friday, the biggest jump in two months, according to CBBT data.
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April 23, 2021 at 03:04PM
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Codere Creditors to Take Control of Gaming Firm in Restructuring - Bloomberg
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