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INTRALOT Provides an Update on the Lock-up Agreement and Exchange Offer Process
This press release relates to the disclosure of information that prior to publication qualified, or may have qualified, as inside information within the meaning of Article 7(1) of the EU Market Abuse Regulation 596/2014.
We refer to the press release issued on 28 June, 2021 (the “Press Release”) by Intralot S.A. (the “Company” and together with its subsidiaries the “Group”) regarding the amendment and update of the Lock-up Agreement with an ad hoc group of noteholders (the “Ad Hoc Group”) of its €250m senior unsecured notes due in September 2021 (the 2021 SUNs) issued by Intralot Capital Luxembourg (the Issuer). Capitalised terms used herein shall have the meaning provided to them in the Press Release and the First Press Release (of 14 January 2021).
The Company informs the investment community and the broader public that on 30 June, 2021:
- The Issuer utilized the Redemption Facility of €147,607,487 provided by certain members of the Ad Hoc Group (the “Redemption Facility Providers”) and redeemed the same amount of 2021 SUNs at 100% of the principal amount pro rata plus accrued interest.
- Following redemption, the Issuer issued additional notes under the 2021 SUNs indenture of an amount of €147,607,487 to repay and cancel the Redemption Facility. After the issuance of the additional notes to the Redemption Facility Providers the outstanding 2021 SUNs are again €250,000,000.
Following the redemption and issuance of additional notes, holders of more than 90% of the 2021 SUNs outstanding as of the date of this press release have agreed to tender their 2021 Notes pursuant to the Lock-up Agreement.
Today, 1 July, 2021, the Group has announced two interdependent exchange offers as per the First Press Release:
- The commencement of an offer by US subsidiary Intralot Inc. to acquire any and all of the outstanding €250,000,000 6.75% 2021 SUNs issued by Intralot Capital Luxembourg in exchange for up to USD 244,585,500 in aggregate principal amount of its New SSNs. In conjunction with the exchange offer Intralot Capital Luxembourg is soliciting consents for holders of the 2021 SUNs to amend certain provisions of the 2021 SUNs as set forth in the exchange offer and consent solicitation memorandum dated July 1, 2021. Minimum acceptance condition is 90% of Notes outstanding and exchange ratio set at 82%. The Solicitation Memorandum is available to holders through the Exchange Agent, Lucid Issuer Services at [email protected].
- The commencement of an offer by Intralot Global Holdings B.V. to holders of the outstanding €500,000,000 5.25% Senior Unsecured Notes due September 2024 (the 2024 SUNs) to exchange the 2024 SUNs for ordinary shares of Intralot US Securities B.V. (“TopCo”), with minimum acceptance condition €68,176,000 and maximum acceptance amount €169,100,000. The Exchange Offer Memorandum is available to holders through the Exchange Agent, Lucid Issuer Services at [email protected].
The public announcements of the two exchange offers have been published on the websites of the Luxembourg Stock Exchange https://www.bourse.lu/latest-fns and the Company https://www.intralot.com/investor-relations/debt-capital-market-info/ on 1 July 2021.
The exchange offers will remain open until 23:59 New York time, on July 29, 2021, unless extended.
Asia
Goa Introduces an Entirely Online Lottery Platform
In a move towards modernising India’s lottery sector, the state of Goa has introduced an entirely online lottery platform, sanctioned by the Directorate of Small Savings and Lotteries. This initiative, known as Great Goa Games, aims to bring transparency and convenience to an industry that has long grappled with allegations of mismanagement and fraud.
Ticket sales commenced Monday, with the inaugural draw set for Sunday. Rhiti Group, led by founder Arun Pandey, was granted the license to operate and market the platform. “Our mission is to democratize opportunities through technology,” Pandey stated, emphasizing the secure and user-friendly nature of the app-based system.
Goa government official Narayan Gad lauded the move as a step forward for the Indian lottery sector. “With our online lottery streamlining processes through technology, we are setting a new standard in the lottery industry,” Gad remarked. “The technology-based product will enhance transparency and ensure improved monitoring and regulation of operations.”
This development follows new rules governing online lotteries, introduced by the Goa directorate in February 2023. Currently, 13 states in India, including Goa, allow lottery games, though others have banned them due to concerns over gambling addiction and operational irregularities.
Latest News
Catena Media Announces Board Changes
Catena Media’s board of directors announced the appointment of Stephen Taylor-Matthews as non-executive director and the departure of Øystein Engebretsen from the board of directors.
Based in London, Stephen Taylor-Matthews is a tech entrepreneur, executive advisor and investor with over two decades of experience in online gaming, sports betting and data analytics.
He is the founder of Polynate, an AI-first company delivering next-generation sports engagement solutions, and has worked at Underdog Fantasy, GoatGaming and Betgenius in previous roles.
Stephen Taylor-Matthews commented: “Catena Media is in a transformation phase and I’m excited to be joining the board at this juncture and to contributing my industry expertise and insight.”
The appointment coincides with the departure from the board of Øystein Engebretsen, who has served as non-executive director since September 2018.
Erik Flinck, Chairman of the Board of Directors, said: “Øystein has made a valuable and important contribution to Catena Media for more than six years. I warmly thank him for his efforts and wish him well in his current and future ventures. At the same time, I am delighted to welcome Stephen Taylor-Matthews to the board. His experience and expertise will be a valuable asset for Catena Media as we move forward.”
Stephen Taylor-Matthews’ appointment will become effective once all necessary filings are made with the Malta Business Registry, and his term will run up until the end of the next annual general meeting, in accordance with the Maltese Companies Act and Catena Media’s articles of association.
Latest News
Endorphina Partners with R. Franco Digital to Expand Reach
The leading online slot games provider, Endorphina, has announced a brand-new partnership with R. Franco Digital, a renowned manufacturer of AWP machines. This collaboration allows Endorphina to expand its reach in the Spanish and Latin American markets.
Endorphina is one of the top iGaming software providers for the B2B market, developing online slots that cater to a wide range of slot enthusiasts. Over the years, the provider has established itself as one of the most innovative slot suppliers in the industry, dedicated to expanding its products to players worldwide.
Zdenek Llosa, Senior Partnership Manager at Endorphina, said: “We are genuinely excited to join forces with R. Franco Digital, a trusted name with a rich legacy in the Spanish and Latin American gaming world. Partnering with a platform that shares our passion for quality and player satisfaction is truly inspiring. Together with the R. Franco team, we look forward to creating memorable, fun experiences that bring joy and excitement to our shared communities across Spain and LATAM. This collaboration feels like the beginning of something truly special.”
Franco Digital, a subsidiary of the Recreativos Franco Group, has been known for providing its customers with the best turnkey solutions for over 50 years. As a pioneering manufacturer of AWP machines, R. Franco Digital is founded on an innovative company culture that uses the best methodologies and technologies available, working with talented and disruptive people to deliver the best solutions.
“At R. Franco Digital, we are always striving to enhance our platform with innovative, top-quality content that resonates with our audiences, particularly in Spain and Latin America. Partnering with Endorphina allows us to bring a fresh, engaging catalog of games to our players, combining our platform’s power with Endorphina’s creativity and expertise. This collaboration underscores our commitment to delivering premium gaming experiences tailored for Spanish-speaking markets,” said Javier Sacristán, International Business Director of R. Franco Digital.
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