Codere’s shares rose more than 30% on Wednesday, 30, on the Spanish stock exchange after the announcement of a new deal on Tuesday, 29. This is because the company declared that a good part of its creditors agreed with the second phase of your refinancing contract.
Thereafter, the gaming operator informed the National Securities Market Commission (CNMV) that 99.6% of creditors approved the refinancing of current securities issues by the subsidiaries Codere UK and Codere Finance 2 for 165 million euros.
On Monday, September 28, the security was below the euro barrier per share and ended the session at 0.94 euros. The following day, the securities soared 14% and reached values of 1.5 euros, more than 50% above Monday’s closing.
Debts prompted the company to engage in refinancing. The advances in this process, an essential element for its recovery, reinforce the expectations of investors more tolerant to risk.
Therefore, this return of interest in Codere’s shares causes the company to move away from the top positions in the ranking of the most depreciated securities of the Spanish stock market in 2020.
About Codere
Codere is a Spanish multinational company in the gaming sector with a presence in eight European countries, such as Italy and Spain.
The company also operates in the Latin American market with businesses in Argentina, Mexico, Panama, Colombia, Uruguay and Brazil. In addition, the company is the only company in the gaming sector listed on the Spanish Stock Exchange.
In March 2018, Codere operated more than 56,000 gaming machines, 6,200 betting and bingo terminals in Latin America, Spain and Italy through points of sale that include 148 gaming rooms, 443 gaming rooms and 4 race tracks.
