Allwyn Announces New Accordion Facility to Fund Acquisition
Allwyn, the global lottery operator, has announced it has arranged a €500 million accordion facility with a group of international banks. The operator has outlined that some of the funding will go towards its purchase of Instant Win Gaming (IWG).
Under terms of the accordion facility, the €500 million will be part of a six-year agreement, with a portion of the money earmarked to repay debt and other corporate expenses. The syndicate of banks involved includes several existing lenders and some new lenders.
LISTEN TO THIS ARTICLE:As part of the new agreement, Allwyn is canceling £188.8 million that is available but has not been drawn as part of an existing financing facility. The existing Senior Facilities Agreement was a £380.0 million multi-purpose facility available to the lottery operator.
The restructuring of the debt arrangements of the group comes shortly after Allwyn UK has recently started to operate the UK National Lottery. The incoming operator has already stated it will make several changes to the lottery including announcing a change in prize-claiming rules.
This transaction will support the continued execution of our organic and inorganic growth strategies as well as optimize our cost of capital. I am grateful to our existing lending partners for their continued support and pleased to welcome several new banks to the group.
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Acquisition of IWG
In February Allwyn gave details of its proposed acquisition of 70% of IWG, the online content provider. The accordion facility will allow Allwyn to pursue its strategy of expansion, and the addition of IWG, with its large portfolio of instant win games and lottery titles, is seen as a perfect fit for the global lottery operator.
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