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Milbank LLP advised Allwyn in connection with its high yield bond offering of €600 million senior secured notes due 2031 (the “Offering”).
Allwyn intends to use the net proceeds from the Offering, together with cash on balance sheet, to redeem in full its 3.875% senior secured notes due 2027, to partially redeem its 7.875% senior secured notes due 2029 and its 7.250% senior secured notes due 2030, and to pay related transaction costs.
Allwyn is a leading multinational lottery operator. It operates lotteries in multiple European countries, including Austria, the Czech Republic, Greece and Cyprus, Italy and the United Kingdom; in North America, including operating the Illinois Lottery in the United States; and in South America, including Brazil.
The Milbank team was led by Corporate Finance and Securities partners Apostolos Gkoutzinis and Ana Grbec, with special counsel Melanie Probst and associates Cheyne Cudby, Lays Lima Dutra, Agustin Videla and Andrew Wells. The team also included European Leveraged Finance partner Sarbajeet Nag, associates Michael Gatter and Kat Williams, and trainee solicitor Richi Kidiata; New York Alternative Investments partner Catherine Leef Martin and special counsel Joel Cavanaugh; New York Tax partner Andrew Walker; and London Tax partner Alan Rafferty and associate Freddy Pilkington.
