Sisal eyes redemption of debt securities, revolver repayments

By Rebecca Melvin

New York, July 31 – Sisal Group SpA plans to redeem debt securities and repay amounts outstanding under the group’s revolving credit facility with some proceeds resulting from a new partnership with Banca 5 SpA, according to a company news release.

The new company formed under the partnership is expected to be partially funded through a debt financing with about €500 million of proceeds to be received by Sisal Group, which will own about 70% of the partnership.

Sisal will also be contributing a business, which generated about €68 million of EBITDA in the 12 months to March 31.

The NewCo will not be part of the group for purposes of the indenture governing Sisal’s €325 million senior secured floating-rate notes due 2022 and €400 million 7% senior secured fixed-rate notes due 2023, issued on July 28, 2016, according to the release.

Sisal is a Milan, Italy-based gaming company.

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