Home > Finance > Intralot subsidiary reveals €126m early notes redemption

Intralot subsidiary reveals €126m early notes redemption

| By Robert Fletcher
Intralot Capital Luxembourg, a subsidiary of Intralot, has announced plans to proceed with an early partial redemption of senior notes totalling €126.0m (£109.2m/$135.4m).
Paf 2023

The Intralot business will push ahead with the early notes redemption on 14 November. The principal amount, plus accrued interest, is part of the outstanding 5,250% notes that come due September 2024.

Intralot says the notes in question have a current outstanding balance of €355.6m. 

The principal amount will be repaid with funds raised from the recent share capital increase of Intralot. After the partial redemption, the outstanding balance will stand at €229.6m.

The news comes with Intralot due to report its third-quarter results in the coming weeks. 

In its most recent reporting period for the first half, revenue fell 2.9% year-on-year to €163.6m. Turnover for the period totalled at €175.3m, down 14.4%. EBITDA for the six months to 30 June at Intralot grew 14.0% to €62.8m.

Cash flow for the period improved by 20.2%, reaching €49.8m, which Intralot attributed to the improved EBITDA performance. CEO and chairman Sokratis Kokkalis said EBITDA and cash flow would aid Intralot in its expansion efforts in the US and beyond.

During the half-year, Intralot signed a number of significant deals. These included a deal to provide the British Columbia Lottery Corporation (BCLC) with its Intralot Orion sports betting platform. It also penned a long-term lottery deal with the Taiwan Public Welfare Lottery.

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