Codere €1.3 billion financial restructuring

Overview:

• Codere has undertaken a debt restructuring through the issue of new bonds.
• The company is restructuring a revolving credit facility and high yield debt valued at €1.3 billion.
• The restructuring is being undertaken via and English law scheme of arrangement.
• The restructuring was approved back in December 2015 and was subject to conditions, including the funding of new money and the issue of new bonds.
• The company then issued €760 million in 8.250% senior notes due 2015 and $300 million in 9.25% senior notes due 2019, both issued by Codere Finance (Luxembourg).
• An ad hoc committee of funds holding certain securities issued by the Cedere Group was formed by, among others, Abrams Capital Management, Silver Point Capital, M&G Investment Management and PPM America.
• The restructuring was approved back in December 2015 and was subject to conditions, including the funding of new money and the issue of new bonds.
• Codere is a leading Spanish multinational company in the private gaming sector in Europe.
• Linklaters (Scott Simpson, Bruce Bell, Aaron Javian) advised the ad hoc bondholder committee; Jones Day (Juan Ferré, Kay Morley, Michael Pabst) advised the lenders; and Ashurst advised PIK creditors.

Wai Yee Tsang - Journalist