Brightstar Lottery PLC (NYSE: BRSL) has launched a tender offer for its outstanding €500 million 2.375% senior secured notes due 2028, targeting Regulation S interests. The company plans to issue new euro-denominated senior secured notes due 2032 in a benchmark offering.
The tender price is €990.00 per €1,000 principal amount, with holders whose notes are accepted also receiving accrued and unpaid interest to the settlement date. The offer deadline is 4:00 p.m. London time on September 15, and settlement is expected on September 18.
Proceeds from the new notes are intended to purchase the tendered 2028 notes, repay utilizations under senior revolving credit facilities and pay related fees and expenses. The transactions are intended to extend the weighted average maturity of Brightstar's debt.
Completion of the new notes offering is a condition to the tender offer, although the company may waive that condition at its discretion. Brightstar also reserves the right to reject tenders for any reason and is not obligated to accept any tender. Notes must be tendered in minimum denominations of €100,000 and integral multiples of €1,000 in excess.
The new notes will be guaranteed by certain wholly owned subsidiaries and listed on Euronext Dublin, with an application made for admission to trading on the exchange's Global Exchange Market. Deutsche Bank AG, London Branch and Banco Santander, S.A. are serving as joint lead dealer managers, while Kroll Issuer Services Limited is acting as tender and information agent.
Brightstar describes itself as a global lottery company serving nearly 90 lottery customers on six continents with approximately 6,000 employees.
