Brightstar Lottery PLC Announces Successful Pricing of €500,000,000 of Senior Secured Notes Due 2032
Brightstar Lottery priced €500 million of 4.875% senior secured notes due 2032 at 99.360% of par, with settlement expected on September 17, 2026 and listing on the Global Exchange Market of Euronext Dublin. Gross proceeds are earmarked to fund the tender offer for the company's outstanding 2.375% senior secured notes due 2028 announced September 8, to repay utilizations under its senior revolving credit facilities, and to pay offering fees and expenses. The refinancing extends the maturity profile into 2032 but more than doubles the coupon on the refinanced tranche, implying a meaningful step-up in interest expense.
Key figures
- Coupon
- 4.875%
- Issue price
- 99.360%
- Maturity year
- 2032
- Notes principal
- €500,000,000
- Settlement date
- September 17, 2026
- Use of proceeds
- tender offer for 2028 notes, revolver repayment, fees and expenses
- Refinanced notes
- 2.375% Senior Secured Notes due 2028
AI analysis
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