Intralot Debt Analysis, 2024 €500 million 5.25% Senior Notes

Analyzing the Intralot debt and their 2024 €500 million 5.25% senior notes, our EMEA Covenants team discusses the Northlight and Bardin Hill entities who met on Monday, August 2, 2021 in front of a New York Court in order to challenge the exchange on the company’s debt that has been proposed. The noteholders claim that the 2021 debt exchange violates terms of the 2024 notes and are calling the Intralot debt exchange a ‘Sweetheart Deal’. Reorg’s review of the 2024 notes indenture covenants, published in January by EMEA Covenants, highlighted that the proposed transaction could face litigation. Reorg analyzed the group’s ability to circumvent 2024 noteholder opposition by moving Intralot Inc. out of the 2024 notes restricted group and releasing its guarantees.

To read our full analysis of the Intralot debt as well as their grounds for filing, click through here: 

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