The Codere Group and the bondholders group that signed the closing agreement agreed that the company’s debt restructuring should be implemented through a consent solicitation to bondholders, rather than a restructuring plan.
On Friday, the company communicated its decision in a material fact to the National Securities Market Commission (CNMV).
Therefore, the holders of more than 90% of the series of super senior bonds of 50 million euros maturing in 2023, and bonds backed by 500 million euros and 300 million dollars maturing in the same year, are part of the agreement. lock-up, which commits the parties to implement a restructuring operation.
The company and the major bondholders worked on two courses of action, considering a scheme of settlement procedure or a request for consent from bondholders, the method they ultimately chose.
Codere is working with the bondholders group to formulate in detail the documentation needed to implement the restructuring, and noted that updates on the timing of the restructuring and actions to be taken by bondholders will be announced in due course.
Company already received support in May
On May 11, 2021, Codere’s general shareholders meeting supported the debt restructuring process, which involves the injection of up to 225 million euros in the form of new bonds and the capitalization of up to 367 million euros of debt. , corresponding to part of the existing senior guaranteed bonds.
With this, the company wants to ensure a sustainable level of indebtedness once the business normalizes after closing due to the pandemic. The new funds will be raised through a $100 million bridge loan and an additional $125 million in super senior bonds to be provided at the end of the restructuring process.
About Codere
Despite the moment that is going through, Codere is an international reference game operator, operating in European markets, such as Italy and Spain.
The company is also on the Latin American scene, in Argentina, Mexico, Panama, Colombia and Uruguay, operating more than 51,000 gaming machines, 8500 sports betting terminals and 30,000 bingos in the region.
In addition, Codere is dedicated to online game development. Founded in 1980, the company has its current headquarters located in Alcobendas, Spain.
